Can AI Curb Insurance Fraud?

By Catherine Powell

Image courtesy of pix4free.org

While everyone complains about the high cost of insurance, what most people don't realize is that one of the things that causes rates to rise is insurance fraud.  Far from being a victimless crime, insurance fraud costs every policyholder.  That's because fraudsters bilk the insurance companies for hundreds of billions of dollars per year. The National Association of Insurance Commissioners (NAIC) recently reported staggering losses due to fraud last year that included $74.7 billion in life insurance fraud, $45 billion in property fraud, $36.3 billion in health insurance fraud, and $34 billion in workers comp fraud.  These losses in turn get passed along to each and every policyholder.  While the insurance industry spends a lot of time and money trying to combat fraud, the losses continue to mount each year.  Recent advances in artificial intelligence have brought some new tools to bear in the fight against insurance fraud that not only helps identify fraudulent claims, it can also curtail fraudulent activity.

Could You be Replaced by a Robot?

 By Catherine Powell

Image courtesy Pxhere

I was scanning the news feeds yesterday when I saw something that caught my eye: The world's first robotic McDonald's restaurant.  One Ft Worth, Texas fast food eatery has done away with almost half its staff by eliminating the employees responsible for taking and delivering orders.  Instead of speaking to a person, all orders at the restaurant are placed by a touchscreen at the restaurant or via app.  While the food is still prepared by humans, all orders are delivered robotically.  This particular Mickey D's only offers takeout which also eliminates the employees who typically bus the tables.  (Check out the YouTube video below.)  While this particular fast food restaurant hasn't entirely done away with its staff, a quick web search discovered at least two that do in the US, which I'll detail below.  This got me to thinking about how many of us could wind up being replaced in the near future by robots.  The answer to that question could shock you.

Will Artificial Intelligence Make Insurance Smarter?

By Catherine Powell

Image courtesy Pixabay

If you own a top-of-the-line vehicle, you probably realize that artificial intelligence is built-in at the factory.  Everything from automotive autopilots to AI-enabled GPS navigation is standard in luxury cars these days. However, what you may not know is that AI isn’t only being used to help you get from Point A to Point B safely and efficiently, it’s also being used by more and more insurance companies to better serve their customers.  Below are ten ways that AI is improving insurance delivery.