Insurance Fraud Prevention via Deep Learning
Learn how deep learning technology is revolutionizing the fight against insurance fraud. Preventing Insurance Fraud with Deep Learning Insurance fraud costs the US about $308.6 billion annually. After tax evasion, it is the second most costly white-collar crime in the US. This is a significant issue that affects both the insurance industry and consumers. Fraudulent claims cost insurance companies billions of dollars yearly, increasing premiums. For example, an average insurance holder loses up to $900 due to fraud-induced premium rates. No wonder insurance companies invest actively in AI-based security software and solutions. For example, Lemonade insurance provider, which operates in the United States and the UK, has deployed chatbots to handle insurance claims. It let the company double its revenue (from $67 million in 2019