ARTIFICIAL INTELLIGENCE IN THE DETECTION AND PREVENTION OF INSURANCE FRAUD IN INDIA
Keywords:
Artificial Intelligence, Insurance Fraud Detection, Data Analytics, Risk Management, Claims Processing, Fraud Prevention, Insurance IndustryAbstract
The Indian insurance sector is undergoing a significant transformation with the adoption of Artificial Intelligence (AI) in various operational areas, particularly in the detection and prevention of fraud. Insurance fraud has become a growing concern in India, with increasing cases of fraudulent claims that affect the industry's profitability and sustainability. AI, through its advanced data analytics, machine learning algorithms, and pattern recognition capabilities, offers effective solutions for identifying and preventing fraudulent activities. This paper explores the role of AI in transforming the fraud detection mechanisms within the Indian insurance industry. It examines how AI technologies are being integrated into underwriting, claims processing, and risk management, while also discussing the challenges and limitations associated with their implementation. The future potential of AI in improving operational efficiency, enhancing customer experience, and reducing fraud is also highlighted, emphasizing the role of predictive analytics and automation. As AI continues to evolve, it promises to reshape the landscape of the Indian insurance industry, offering more personalized, efficient, and secure insurance solutions.
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