Using AI and Data Analytics to Fight Insurance Fraud

Motor insurance fraudsters can reportedly earn up to SGD 20,000 a month – an amount which some deem worthy of the nefarious act of fraudulent and staged motor accidents.

The impact on the industry is vast. Some 20 percent of all incurred motor claims in Singapore are fraudulent and in Malaysia, motor insurance fraud cost the industry an estimated MYR 1 billion a year – it is so lucrative largely because it has been a challenge for insurers to detect fraud.

Fermion Group CEO, Peter Miller, writes in Singapore’s The Business Times, on how the increasing digitalization of the motor claims process and technological advances are changing that scenario with AI.

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