Hyundai Marine & Fire Insurance Develops AI Insurance Fraud Prediction System
Insurance Fraud Detection Capability Improved 22 Times
[Asia Economy Reporter Oh Hyung-gil] Hyundai Marine & Fire Insurance announced on the 28th that it has developed an insurance fraud prediction system applying artificial intelligence (AI) to actively respond to increasingly sophisticated insurance fraud.
This system combines medical institution information provided by the Health Insurance Review & Assessment Service with insurance information held by Hyundai Marine & Fire Insurance. AI independently learns the characteristics of insurance fraud and applies machine learning technology to automatically select and detect high-risk groups exhibiting similar characteristics of insurance fraud.
Additionally, to improve usability so that employees can easily utilize it without understanding AI, the system provides visualized reports showing the basis for selecting high-risk groups for insurance fraud. This has enhanced the insurance fraud detection capability by 22 times compared to the existing investigation methods.
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Lee Sang-hoon, head of the Insurance Investigation Department at Hyundai Marine & Fire Insurance, said, "AI can now automatically identify insurance fraud patterns that were previously difficult to detect, significantly improving investigation work," and added, "We will continue to do our best to minimize innocent damages caused by insurance fraud."
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