From Human Insight to Machine Intelligence: The Evolution of Fraud Prevention and Risk Assessment in the Insurance Industry

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Mr ARAVINDKUMAR J; Mr S NIRANJAN; Ms PRIYANKA C M; Ms NISHWETHA S S; Ms PERAGATI S; Ms YAZHINI G

From Human Insight to Machine Intelligence: The Evolution of Fraud Prevention and Risk Assessment in the Insurance Industry

Authors: Mr ARAVINDKUMAR J, Mr S NIRANJAN, Ms PRIYANKA C M, Ms NISHWETHA S S, Ms PERAGATI S, Ms YAZHINI G

Unique Paper ID: 170318
Volume: 11
Issue: 7
PageNo: 112-117

Keywords: Automation technologies fraudulent transformative impacts.

Abstract:
This research article delves into the impact of automation on fraud prevention and risk assessment in the insurance industry. It explores the use of automation technologies such as artificial intelligence, machine learning, and robotic process automation in combating insurance fraud and improving risk assessment accuracy. The article discusses the current state of fraud prevention and risk assessment in the industry, highlighting the adoption of advanced analytics, predictive modeling, collaboration and data sharing, and digital transformation. It also examines the potential benefits of automation, including improved accuracy, enhanced efficiency, real-time monitoring, scaling capabilities, continuous improvement, and cost reduction. The article provides recommendations and best practices for insurance companies to effectively leverage automation technologies for fraud prevention and risk assessment, emphasizing the need for comprehensive risk assessments, implementation of advanced analytics and machine learning algorithms, real-time monitoring and alerts, enhanced data integration and information sharing, customer authentication and identity verification, predictive modeling, claims investigations, data visualization, continuous monitoring and updates, employee training, regulatory compliance, regular evaluation and improvement, fostering a culture of fraud prevention, partnering with technology providers and experts, regular communication with policyholders, adaptation to emerging fraud trends, establishing a strong fraud investigation and response team, and conducting regular audits and reviews. Overall, this research article offers valuable insights into the transformative potential of automation in fraud prevention and risk assessment in the insurance industry. It highlights the opportunities and a challenge associated with implementing automation and provides practical recommendations for insurance companies to navigate this evolving landscape effectively. Ultimately, the research aims to contribute to the future of fraud prevention and risk assessment in insurance by shedding light on the transformative impact of automation technologies.

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Cite This Article

ISSN: 2349-6002
Volume: 11
Issue: 7
PageNo: 112-117

From Human Insight to Machine Intelligence: The Evolution of Fraud Prevention and Risk Assessment in the Insurance Industry

Available:https://ijirt.org/article?manuscript=170318

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