The benefits of big data analytics, artificial intelligence and machine learning are obvious.

Insurance fraud is an enormous problem -- not only for insurance companies, but for law enforcement, banks and other financial institutions as well. The FBI estimates that the total annual cost of insurance fraud exceeds $40 billion, with some other estimates exceeding $80 billion. Consumers end up paying for fraud through higher premiums, costing $400-$700 per year for the average U.S. family. The vast majority of insurance providers have dedicated fraud investigation teams in place, and yet many insurers haven't begun to leverage modern technology to detect instances of fraud. As recently as 2019, only 1 in 5 insurers planned to implement artificial intelligence for fraud detection over the course of the following two years.