Most insurance companies haven't grasped the human and organizational challenges of integrating AI into the real world. (Credit: agsandrew/Shutterstock)
For property & casualty (P&C) insurers, and especially for chief claims officers, artificial intelligence (AI) and machine learning are quickly becoming powerful new tools for reducing losses from fraudulent claims.
Between 10% and 40% of P&C claims have some element of fraud, depending on the country, and those losses total some $40 billion in the U.S. alone. Human detection catches only a tiny share, and computerized rules-based approaches do better. Machine learning models, however, are destined to launch an entirely new era.
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