In 2020, the U.S. insurance industry was worth a whopping $1.28 trillion. High premium volumes show no signs of slowing down and make the American insurance industry one of the largest markets in the world. The massive amount of premiums means there is an astronomical amount of data involved. Without artificial intelligence technology such as machine learning, insurance companies will find it nearly impossible to process all that data. This will create greater opportunities for insurance fraud to occur.
Insurance data is vast and complex. This data is comprised of many individuals with many instances and many factors used in determining the claims. Moreover, the type of insurance increases the complexity of data ingestion and processing. Life insurance is different from automobile insurance, health insurance is different from property insurance and so forth. While some of the processes are similar, the data and multitude of flows can vary greatly.
As a result, insurance enterprises must prioritize digital initiatives to handle huge volumes of data and support vital business objectives. In the insurance industry, advanced technologies are critical for improving operational efficiency, providing excellent customer service, and, ultimately, increasing the bottom line.
ML can handle the size and complexity of insurance data. It can be implemented in multiple aspects of the insurance practice, and facilitates improvements in customer experiences, claims processing, risk...
ST. GEORGE, Utah (ABC4) — A Utah podiatrist and two nurses have been federally indicted on fraud charges after they allegedly submitted fraudulent claims to Medicare for skin substitute services, ...