Allstate AI technology helps spot and stop fraud

April 24, 2020April 23, 2020 Logan B.

The insurance company is using artificial intelligence to reduce its payments to fraudulent claims. New Allstate AI technology is being used to help slash the number of times fraudsters get away with making claims. Insurance fraud has become an $80 billion industry in the United States, forcing premiums skyward. Fraudulent claims in the U.S. are currently estimated to be worth more than $80 billion every year. Legitimate customers are required to cover the cost of the payments that scammers are receiving through higher premiums. Among the reasons that insurance fraud…

FICO unveils new insurance technology solution to fight multi-billion dollar insurance fraud problem

April 27, 2012May 26, 2012 Nordstrom

A new FICO insurance technology solution marries link analysis, business rules, and predictive analytics. FICO has introduced a new form of insurance technology that is designed to help to cut back on the $50 billion problem from fraudulent claims. The product is designed to assist insurers to overcome the increasing claims fraud issue that is costing billions of dollars every year, which is therefore causing rates to rise in order to compensate for the additional losses. This new insurance technology product is called the FICO Claims Fraud Solution. It brings…