Fraud Detection in Claims Management

Fraud detection in claims management involves identifying when a claim—such as for insurance—may be dishonest or exaggerated. Insurance companies use various methods, including analyzing data patterns, comparing claimed details with past records, and employing technology like algorithms and artificial intelligence. The goal is to spot suspicious activity early, prevent false claims from costing money, and ensure fairness for honest policyholders. Effective fraud detection balances security and customer trust, aiming to identify genuine cases while minimizing inconvenience for legitimate claimants.