Download or read book Rampant Insurance Frauds written by Jagendra Rana and published by Blue Rose Publishers. This book was released on 2024-11-26 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insurance fraud has existed since the beginning of insurance as a commercial enterprise. Insurers are expected to adopt a holistic approach to adequately identify, measure, control and monitor fraud risk and accordingly lay down appropriate risk management policies and procedures. Insurance fraud is a deliberate act committed with the intent to obtain an illegitimate financial gain from an insurance policy. Different types of insurance fraud activities happen in the world of insurance. Fraud not only damages the trust relationship, in the worst case it jeopardizes the continuity of your enterprise. Insurance fraud puts insurance businesses at risk. Thus, insurers should proactively embrace the latest technologies and solutions to safeguard their business. AI and machine learning technologies can streamline the insurance claims process and allocate human resources for decision-making work. Effectively combating insurance fraud has far-reaching benefits for both insurance companies and policyholders.