Claims professionals need to adapt to the AI evolution at a fast pace as the same technologies used to fight claims fraud are also being used to perpetuate it, according to experts.
Executive Summary
As generative AI takes the insurance industry by storm, claims experts share how it can be used as a force for both good and evil—for detecting fraudulent claims as well as creating them. They say the key to staying ahead of the criminals who are using AI is to invest in continuous employee training, keep an eye out for traditional red flags of claims fraud, and stay on top of the latest technological advancements.“It’s truly become an arms race,” said Shane Riedman, president of anti-fraud analytics at Verisk. “It’s an arms race of good versus evil.”
He explained that while insurers are continuously working to identify and defend against the risk, criminals are working just as hard to leverage continuously changing AI technology to increase risk.
“Verisk has and we continue to invest in developing and applying technologies that can rapidly identify these frauds,” he said. “But the advancement of AI-generated content, especially in audio and video, really continues to move the goal post for us.”
