How machine learning can mitigate the risk of insurance fraud

In 2020, the U.S. insurance industry was worth a whopping $1.28 trillion. High premium volumes show no signs of slowing down and make the American insurance industry one of the largest markets in the world. The massive amount of premiums means there is an astronomical amount of data involved. Without artificial intelligence technology such as machine learning, insurance companies will find it nearly impossible to process all that data. This will create greater opportunities for insurance fraud to occur. Insurance data is vast and complex.