How IoT and AI help in identifying fraud claims

The insurance industry is one of the oldest and most critical industries in the world. 'Trust' is the most important currency in this industry and hence insurance was always a people-intensive industry. Whether it is an agent who sells policies or surveyor who assesses claims, insurance companies always had to rely on people to build customer trust. A large part of claim assessment is to monitor'fraud claims' – and until recently, the only way to assess claims was to manually investigate on a case by case basis. With the advent of technology, there is a big disruption coming to the insurance industry.