Friday, 24 March, 2023

Insurance fraud costs $6bn annually, causes 10% loss of premiums: Study

<p>Insurance frauds cause a loss of about $6 billion every year, leading to a 10% loss of premiums for insurers, as per a study by the Insurance Information Bureau of India (IIB). The study also reveals that health insurance is the most prone to fraud, accounting for 66% of all detected fraud cases, with motor insurance coming in second at 28% .&nbsp;The report recommends the use of technology solutions such as artificial intelligence and machine learning to detect fraudulent claims.</p>