- Newslink Global Insurance Trends-Editor's Weekly Overview
- Allianz receives approval from the China Banking and Insurance Regulatory Commission(CBIRC) to commence operation of China’s first fully foreign-owned insurance holding company
- Allianz and Microsoft Corp announce strategic partnership focused on digitally transforming the insurance industry
- Allianz announces senior management appointments
- Swiss Re sigma latest report says driven by strength in emerging Asia, insurance markets will grow despite weakening global economic growth
- EIOPA welcomes the adoption of the first global frameworks for supervision of internationally active insurance groups
- GlobalData says Europe’s insurance industry saw a drop of 4.6% in overall deal activity during Q3 expired
- GFIA publishes latest Annual Report expired
- PRA publishes PS25/19-"Solvency II: Maintenance of the transitional measure on technical provisions" expired
- Alliance of stakeholders representing the automotive aftercare market, which includes insurers, calls on EU policymakers to put forward legislation by 2020 to ensure a genuine level-playing field for remote access to in-vehicle data. expired
- RAC becomes a strategic investor in London-based InsurTech Wrisk-both trialling a mileage-based car insurance product which enables customers to only pay for the miles driven each month, plus a flat fee for when their cars are parked expired
- Praedicat announces plan to develop a revolutionary new insurance product designed to help global industrials secure coverage for innovative and essential products and chemicals that are typically excluded or under-insured in standard coverage-the first casualty insurance product to be developed in the Lloyd’s Lab expired
10th July 2019
Report predicts growth of AI and machine learning is detecting and deterring fraud
While only 13% of organisations use artificial intelligence (AI) and machine learning to detect and deter fraud, another 25% plan to adopt such technologies in the next year or two –a nearly 200% increase. Fraud examiners revealed this and other anti-fraud tech trends in a cross-industry, global survey by the Association of Certified Fraud Examiners (ACFE), developed in collaboration with analytics leader SAS.
The inaugural Anti-Fraud Technology Benchmarking Report examines data provided by more than 1,000 ACFE members about their employer organisations’ use of technology to fight fraud. Other notable trends include:
-The rise of biometrics. About one in four organisations(26%) use biometrics as part of their anti-fraud programmes; another 16% foresee deploying biometrics by 2021.
-Increasing budgets. More than half of organisations(55%) plan to increase their anti-fraud tech budgets over the next two years.
-Changing data analysis techniques. By 2021, nearly three-quarters of organisations(72%) are projected to use automated monitoring, exception reporting and anomaly detection. Similarly, about half of organisations anticipate employing predictive analytics/modelling(52%; up from 30%) and data visualisation 47%; (currently 35%).
“As criminals find new ways to exploit technology to commit schemes and target victims, anti-fraud professionals must likewise adopt more advanced technologies to stop them,” said Bruce Dorris, president and ceo of the ACFE. “But which technologies are most effective in helping organisations manage rising fraud risks? The answer to this question can be crucial in successfully implementing new anti-fraud technologies.”
Complementing the benchmarking report, SAS’ online data visualisation tool allows users to analyse survey data by industry, geographic region and company size. Survey respondents hail from 24 industries most prevalently banking/financial services (21%) and government/public administration(17%)–and span the globe. The size of their employer organisations ranges from less than 100 employees to more than 10,000.
“The tools available for fraud prevention are now more intelligent than ever. We’re no longer restricted to merely reacting to fraud after it happens–with the right AI-enabled tools in place, anti-fraud teams can now begin to intelligently predict potential danger spots and flag up early warning signs to ensure efforts are co-ordinated and effective,” said Laurent Colombant, Continuous Controls and Fraud Manager at SAS. “The emergence of AI, machine learning and predictive modelling is helping investigators to pre-emptively detect fraudulent activity, allowing them to stay ahead of the increasingly sophisticated techniques being employed by criminals.”
The Anti-Fraud Technology Benchmarking Report debuted at the sold-out 30th annual ACFE Global Conference, convening more than 3,000 fraud-fighting professionals on 23th-28th June in Austin, Texas. The report’s supporting sponsors include Intel and Capgemini.
SAS Trends(66 articles)
AI Trends(mentioned in 172 articles in Insurance Newslink)