The data don't lie: Using machine learning to fight insurance fraud

One of the biggest challenges facing any insurance provider is the very real risk of insurance fraud. In 2014, UK insurers uncovered 130,000 fraudulent claims worth £1.32 billion across all insurance products. This danger shows no sign of slowing either, with professional and opportunistic insurance fraud numbers still on the rise. So, how can insurers effectively analyse data help to combat insurance fraud? A major insurance company has proactively combatted fraud before a fraudulent claim is filed or before they would even offer the customer a policy.