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When we hear the term “insurance fraud,” we often think of the big, flashy types like we see in the movies. A bankrupt business owner burns down his business to collect the insurance money. A person up to her neck in debt fakes getting injured to file a claim against a homeowners or auto insurance company.
These things happen, certainly—but, as with most things, the reality of insurance fraud is that it often looks a lot more mundane and is a lot harder to catch than we may think. It also results in huge amounts of lost money — $40 billion per year, according to the FBI, not including health insurance fraud. While each type of insurance fraud requires a different approach to identifying and stopping it, at CognitiveScale we’ve developed an AI tool to identify potential fraud of one very common, and very expensive, type: document fraud, which costs American companies and by extent, American policyholders, $1-2 billion per year. Learn more about insurance fraud and how AI can help detect occurrences here.