Tokio Marine Indonesia combats auto insurance fraud with AI

PT. Asuransi Tokio Marine Indonesia, the localized entity of one of Japan's biggest insurers, is looking to step up its fraud prevention strategy for separating real automotive insurance claims from fraudulent ones. It's turning to artificial intelligence (AI) to help quickly separate the authentic claims from the suspicious ones. One of the largest general insurers in the country, Tokio Marine Indonesia was looking to beef up its claims process with an AI-powered claims automation software. The global insurance fraud detection market is growing dramatically, from US$2.5 billion in 2019, it is estimated to hit US$7.9 billion by 2024, according to a recent research report, Fraud analysis is a specialized form of data analytics investigation which spots bad actors, such as people attempting to submit fraudulent insurance claims. But when claims are piling up, AI can help sift through and analyze mounds of data compared to a human and is one of the main reasons why Tokio Marine Indonesia decided to deploy Shift Technology's Force fraud detection solution.