Traditionally, insurance fraud detection strategies focus on identifying fraudulent claims once the claim has been paid to the claimant.
It is easier to mitigate the losses, however, when the fraud is identified before the claim is paid.
With the advancement in computing and data analytics, it is now possible to adopt a predictive approach to fraud detection. As a result, insurers are turning to data-driven fraud detection programs aimed at prevention, detection, and management of fraudulent claims.
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