Insurance fraud is not a victimless crime. According to the FBI, fraud costs the average US family $400 to $700 per year in the form of increased premiums. The menace of fraudulent claims continues to plague the P&C insurance industry. Insurance fraud creates significant financial burden for the insurance carriers as well as other policyholders, due to higher insurance costs.
Claims AI Cloud is a purpose-built platform for insurance claims, with pre-built connectors to ingest and synthesize a variety of claims related data sets, pre-trained models and API based integration; the platform quickly identifies relevant data patterns to help with detection of fraud by as much as 10%.