Tag: insurance fraud
AI-driven insurance fraud – from deepfakes to scams
Recently, I came across a viral LinkedIn post that resonated with me. A woman faked her own car accident using AI-generated images. She created photos of a “smashed” car, added bruises to her own face, staged a crash scene and even produced a realistic-looking receipt. The woman was not trying to file a real claim. Her goal was to highlight how hard it is becoming for the insurance industry to distinguish real claims from fakes.
Using AI & advanced analytics to beat insurance fraud
Despite higher inflation, interest rates and cost of living, the South African insurances market experienced a revival during the last two years, with the gross written premium across the local insurances market expected to show an annual growth rate of 5.14% from 2024 to 2028 (CAGR 2024-2028), achieving a market volume of US$100.30 billion by 2028.
Accident claims – how AI can save consumers billions
Artificial Intelligence (AI) is taking the world by storm, especially with the latest tech hit, ChatGPT, going viral. If you haven’t heard of or tried ChatGPT, it’s a highly advanced AI tool that you can use to ask any question, and in return, it will provide you with an intelligent, well-written answer back - all within seconds.
A country engulfed in flames & smoke! – what it means...
It is becoming normal to wake up to reports of fires - since the July 2021 civil unrest there have been at least a further four major fire outbreaks reported.
The pending Sports Bill would violate the Rule of Law
The National Sport and Recreation Act, 1998, calls itself a statute for the promotion and development of sport. This year’s threatened draft changes would violate the Rule of Law just as the Act’s 2007 amendments do. The 2007 amending statute’s preamble declares that sport belongs 'to the nation'. Its administration, though, is been 'entrusted' to sport bodies.
Financial scams – avoid becoming a victim
South Africa has significantly more financial crime than most other countries. With a rate of 77% compared to a global average of 49%, SA is something of a hotbed for fraud and scams. As consumers and insurance-seekers we need to understand the risks of economic crime and how to avoid becoming a victim, the risks of committing insurance fraud and how to avoid being inadvertent perpetrators of fraud ourselves, by for example, omitting information in an insurance application
