"organised criminal gangs and individuals or households who deliberately invent or expand claims will invest their time and experience to understand how best to exploit any perceived weaknesses in the ability for the insurer to defend itself against fraud. Once this is understood and they have worked out how best to do this, expect them to quickly act – velocity of fraud is definitely on this rise"

Source "Fraudsters love Digital" Insurance White Paper published by SAS 

Insurers look to insurtech to speed up the customer claims journey from FNOL to settlement but there is a danger that this will let in more fraud from digitally savvy claimants and criminals.

AI is no answer if, as is usually the case, insurance companies and brokers can only access and analyse 10% to 20% of the data they hold on claimants and claims. 

Look for a digital platform that will unlock the 80% to 90% of unstructured data  and apply key fraud indicator rules to point fraud investigators to the 10% of probably fraudulent claims.