The demand for tools to detect insurance fraud has increased with the advent of new technologies like artificial intelligence and machine learning. Data analytics has enabled it to quickly and effectively identify fraudulent claims, such as fraudulent claim settlements and false medical records. The growth of the insurance fraud detection sector has been aided by the availability of a robust cybersecurity infrastructure that allows the detection of fraudulent insurance claims.
New product and technology launches have strongly affected the growth of the banking, financial services, and insurance sector. These launches will significantly impact the growth and detection of insurance fraud worldwide. Curacel, an insurance company that develops insurance infrastructure in emerging markets, has launched an application programming interface-based tool that allows online businesses to add insurance to their products. According to reports, the firm has been backed by Y Combinator (YC), a U.S. technology company that builds insurance infrastructure for Africa. Curacel’s API-based interface tool Grow was also integrated with 22 African tech companies. These firms can either bundle their core products with insurance packages or offer insurance as a standalone service to customers. The new tool will also provide new opportunities for service providers of insurance in the travel, health, and automotive sectors. This strategic move is intended to expand its insurance business in Africa.
The key to leveraging growth in any industry is strategic partnerships. For example, the global insurance fraud detection industry is one of them. Kotak General Insurance announced its partnership with Inspektlabs, a startup company in computer vision technology. This partnership will utilize Inspektlabs’ artificial intelligence-based technology to automate vehicle inspection and speed up vehicle insurance renewals. According to reports, the new artificial intelligence technology (AI) will accelerate vehicle insurance renewals and help detect motor insurance fraud. This strategic move will support Kotak General Insurance’s insurance underwriting processing activities. This initiative will promote the use of AI in detecting insurance fraud in the insurance industry.
Verisk Analytics, Inc. (a U.S.-based risk assessment and data analytics firm) and Pacific Life Insurance Company (a U.S. insurance company) have joined forces to continue the trend toward strategic partnerships. This strategic alliance aims to digitize Pacific Life’s life and health insurance products using Verisk’s FAST tool. It improves customer experience by offering seamless life insurance services. Pacific Life will benefit from the initiative to improve its efficiency and decision-making. These market leaders are executing key business strategies, such as partnership formations and new product and tech launches, to increase their customer base and revenues. These critical business strategies can also be used to detect insurance fraud.