Insurance companies are turning to big data in order to fight fraud
Insurance fraud has been a problem that has plagued the insurance industry for years. As technology becomes more advanced, however, combating fraud may be becoming easier for insurers. Big data may serve as a powerful tool against fraudulent activity and could be used to help insurers determine whether a claim is real of fake. Insurers are beginning to use this data to identify behavioral patterns concerning claims in particular sectors.
Big data can help highlight behavioral patterns that could be associated with fraud
Insurers are beginning to pay closer attention to big data, as it could be used to highlight some of the underlying practices in fraudulent activates. Notably, modern platforms that are focused on the analysis of big data are able to provide insurers with important information in real time. This allows insurers to better understand the trends that are common in insurance fraud and how these trends manage to emerge or survive in certain markets.
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Big data can be used to substantiate the legitimacy of claims
One of the most popular resources of big data among insurers is social media. When a potential fraudulent claim is filed, insurers often investigate social media to determine whether or not the claim is legitimate. Big data can assist in this process. Acquiring this data can take many forms, such as simple chats on Facebook, or interaction on Twitter. Big data is not only used to determine whether or not a claim is fraudulent, of course, and can be used to substantiate the legitimacy of a particular claim.
New technology may help the insurance industry get a handle on its fight against fraud
Fraud has long been one of the most significant challenges that has faced the insurance industry over the course of its extensive history. As technology becomes more advanced, malicious groups have found ways to commit fraud and avoid being caught. Insurers are beginning to feel the need to embrace new technology in order to avoid such exploitation. Big data may be a powerful tool in the fight against fraud, but it is unlikely to be able to dismantle fraudulent activity by itself.