However, building in-house tools is not enough and the insurance sector needs to collaborate in the detection of AI in fraudulent activities.
“This new technology has drastic consequences for the industry as well as honest consumers. An increase in fraud risk only means claims processing costs are going to rise as we can no longer fully rely on traditional automated claims systems,” says Ngewu. Unfortunately, detecting AI consistently and accurately can be a hard ask and as such, Ngewu says that insurers must work together to combat the efforts of syndicates trying to defraud the sector.
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