In a bid to combat insurance fraud, particularly in automobile liability insurance, insurance companies are turning to artificial intelligence (AI).
This comes as part of a broader effort to enhance fraud prevention measures in the industry, which has seen the creation of an information system for data sharing among insurers and the formation of dedicated fraud investigation units that cover the entire process from inspection to exercise and compensation through authorized agencies.
Hespress AR informed sources said these fraudulent claims have caused significant financial losses for insurance companies, amounting to between 4% and 5% of the industry’s total turnover, or about 2.85 billion MAD, in the past year alone.
Staging fake accidents to obtain compensation, said the same sources, was the most prevalent practice, often through negotiated settlements under fast compensation services.
They indicated that with the use of AI technology, they will analyze data provided by anti-fraud units within insurance companies to identify compensation loopholes and the identities of those involved in these activities.
Security authorities recounted the same source, dismantled networks engaged in staging fake accidents and filing claims for material and physical damages with insurance companies and courts, taking advantage of their acquisition of insurance contracts through accredited agencies in rural and remote areas.
For this reason, national insurance companies are inspired by their counterparts abroad to adopt AI technology, to improve the effectiveness of intensive investigations and allow opportunities for company teams, experts, and other parties to intervene in the compensation management process, particularly related to automobile insurance contracts.
They seek to access all data, process and view images of damaged vehicles, and assess damages and injuries beforehand, across all companies.
The same sources confirmed that insurance companies, in an attempt to reduce damage from fraudulent activities, have tightened surveillance from inspection to expertise, forming specialized teams to audit inspection reports, expertise reports, and compensation claim files, especially those involving fast-track compensation via checks.
These efforts have extended to adopting digital solutions for tracking technical investigations and resorting to electronic channels for information exchange.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.