Fraud in Insurance and the Application of Artificial Intelligence (AI) in Preventing Fraud

Abstract

This research investigates insurance fraud, with a specific focus on the role of artificial intelligence (AI) in detection and prevention. It begins by defining key terms and providing an overview of insurance fraud. The study recognizes the global significance of insurance fraud in various insurance lines and the limitations of traditional fraud prevention methods. The research underscores the importance of clear legal frameworks and consistent enforcement in deterring insurance fraud. While previous research has acknowledged the potential of technology in fraud prevention, this study delves deeper into the application of AI. In summary, this research underscores the critical importance of addressing insurance fraud comprehensively and highlights the potential of AI as a powerful tool in safeguarding the integrity of the insurance industry, protecting policyholders, and mitigating the broader economic impact of fraud.