The vehicle insurance sector has long faced a costly problem of fraudulent claims, which result in losses of billions of dollars annually. But the way insurers identify, stop, and deal with fraud is being completely transformed by developments in artificial intelligence (AI).
Pattern Recognition: Systems driven by artificial intelligence are able to examine huge amounts of past claims data in order to spot trends that point to fraudulent activity. Alerts may be triggered, for instance, by recurring claims from the same person or by odd geographic clusters.
Real-Time Alerts: Before payments are made, questionable activity is flagged by contemporary AI platforms that analyse claims in real-time. This lowers the possibility of losses and expedites the processing of valid claims.
Analysis of Videos and Photos: AI systems are able to examine videos and photos included in claims in order to spot irregularities or evidence of manipulation. This feature is particularly helpful for claims involving auto accidents or damage to vehicles.
Proactive Prevention: Insurers can spot high-risk behaviours and take action before fraud happens by employing predictive analytics. This proactive strategy enhances trust throughout the insurance ecosystem and lowers total fraud rates.
The AI-powered technology from Manifold provides unmatched fraud detection capabilities. Manifold gives insurers useful insights to successfully fight fraud by combining data from several telematics sources and using advanced analytics.
Protect your business from fraud with Manifold’s AI-powered solutions. Schedule a Free Demo Today!