Yapay Zeka Hızlı Bakış & Çıkarımlar
AI InsightThe study recommends that insurance companies in Nigeria should explore more options available in the growing digital world, such as machine learning, and others, to combat fraud.
📌 3 Maddede Bu Makale
Abstract
The issues of fraud for motor insurance coverage range from business centres being operated by fraudsters, the issuance of counterfeit certificates bearing logos and names of legitimate insurance companies without their approval, the collection of premiums that are not remitted to the insurance companies by fraudsters, among others. This fraud has caused a rise in insurance premiums and costs, financial instability, and an adverse influence on the accessibility of insurance. Motor insurance fraud constitutes a substantial portion of fraudulent claims in the Nigerian insurance sector, leading to financial losses and eroding public trust. Hence, this study was carried out to examine the claims fraud detection and prevention measures used by insurance companies to combat fraud. The study was carried out by surveying the 36 insurance companies engaging in the motor insurance business in Nigeria. 2 staff members of the claims department of the companies were surveyed using a structured questionnaire. A total of 49 respondents were valid and used for analysis. From the respondents, it was observed that insurance companies in Nigeria experience more soft fraud in motor insurance. Also, most insurance companies still use the traditional-based approach for fraud detection and prevention. Few insurance companies utilize modern tools such as Turnquest, Google Earth, Workspace, and IES. The study recommends that insurance companies in Nigeria should explore more options available in the growing digital world, such as machine learning, and others, to combat fraud.