Artificial Intelligence technology Archives

State Farm slapped with $2 million fine for underpaying auto insurance claims

February 15, 2024February 14, 2024 Marc

State Farm has agreed to pay a $2 million fine for having underpaid auto insurance claims. The fee was the result of a Montana Commissioner of Securities and Insurance (CSI) investigation into the insurer that lasted about two years. If corrections aren’t made, the insurer will be required to pay double the fine. State Farm is required to change its claim handling practices in order to avoid continuing to underpay auto insurance claims. If it fails to do this, it will need to pay an additional $2 million beyond the…

Insurance fraud technology now includes artificial intelligence

June 28, 2018June 27, 2018 Julie Campbell

Insurance fraud technology - Artificial Intelligence Tech

Insurers are looking to A.I. and machine learning to help spot suspicious claims in all new ways. Insurance fraud technology is looking all the more futuristic these days with the introduction of artificial intelligence. Machine learning is helping the insurance industry to identify suspicious-looking claims. Moreover, A.I. can also make its way through social media posts to identify signs of fraud. Fraudulent activities can include anything from falsified claims to sketchy brokers, and it’s expensive. The FBI estimates fraud is costing insurance customers over $40 billion per year. The industry…