
Insurers have forever strived to prevent leakages due to fraud and have been developing systems and practices to combat fraud that costs them billions of dollars, annually.
The world has been a witness to the advancements triggered by the technological revolution that is forcing industries to be technologically resilient to stay at pace with technological advancements that are changing a million facets in the blink of an eye.,
On one hand, technology enriches human life through multiple touchpoints on a daily basis, improves the quality of our lives, and makes our jobs more convenient.
However, on the other hand, like the invention of the atomic bomb which led to technologies that power many major cities around the world, in the wrong hands, it is a sharp and deadly weapon that could cause havoc.
Insurers have started realizing that it has become inevitable for them to adopt AI-driven technologies in fraud management as fraudsters too are enabled by these technologies, and are using more sophisticated ways to commit fraud which are extremely difficult, if not impossible, to detect solely by human efforts......
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