Fraud Prevention

Insurance fraud costs the industry a staggering ₹900 crores annually, driving up premiums and compromising trust. Fraudsters are getting more sophisticated, making it harder for insurers to detect and prevent fraudulent activities. From staged accidents to identity theft, the types of insurance fraud are as varied as they are damaging. But with the rise of InsurTech, there’s a powerful ally in the fight against fraud.

Despite digitisation and a massive market, the insurance industry faces several challenges in India. Here’s a look at the key challenges insurance companies face in India and how InsurTech solutions providers are helping insurers navigate these.

The insurance sector has been sluggish in embracing the advantages of technological advancement. Previously, the insurance sector relied only on obsolete machinery, multi-program processes, and wasteful paper-based procedures. This provides difficulty in terms of both success and annoyance in today's highly competitive environment. Thanks to contemporary Artificial Intelligence technology,...