Artificial intelligence can make it nearly impossible for fraudsters to make a false claim appear real, the founder of an A.I. vendor suggests.AutoTechnology
If an auto insurance claim is fraudulent, A.I. software could pick up on that as long as it has enough data about other fraudulent and legitimate claims, said Gary Saarenvirta, founder and CEO of Toronto-based Daisy Intelligence.
Daisys software is designed to detect “outliers,” or things that are out of the ordinary.
Insurers tend not to share their full definition of a “normal” claim. As a result, it is actually impossible for someone to manufacture a claim that also sits in the middle of what the insurer says is normal in every way, Saarenvirta told Canadian Underwriter in an interview.
This is because claims have many attributes. An example is the ratio of the bodily injury cost to the vehicle damage part of the claim, at a given speed.