Insurance fraud is an illicit activity with far-reaching consequences, affecting not just the insurance sector but the broader economy as well. This type of fraud ranges from simple exaggerations on insurance claims to elaborate plots orchestrated by sophisticated criminal networks. The economic
Machine Learning: A New Frontier in Fraud Detection The advent of machine learning has breathed new life into the battle against insurance fraud. Unlike conventional rule-based systems, machine learning thrives on the ability to detect patterns within extensive datasets — patterns that human
In a bold legislative move, Minnesota lawmakers Rep. Kaoly Berg and Sen. Zaynab Mohamed have introduced a new bill aimed at providing unemployment benefits to striking workers. The legislative pieces, marked as HF 3446 and SF 3588, seek to address a crucial gap in employee protection during labor
The insurance sector is undergoing transformative changes with Claims Management 2.0. Integrating advanced technologies, it's moving from a transactional to a transformational approach in claims processing. Traditional inefficiencies and poor customer service are being countered by a model that
The auto insurance sector is currently undergoing a transformative phase, primarily driven by the rise of Usage-Based Insurance (UBI). This innovative model diverges from the conventional framework by integrating real-time driving behavior into risk assessment and pricing. Traditional insurance
State insurance regulators and the NAIC are spearheading a pivotal data call involving over 400 property insurers, signaling a major shift in U.S. property insurance regulation. This move showcases a transition to a data-centric approach, reflecting the evolving nature of the insurance industry
