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Fraud detection - the unstructured data goldmine
Insurance fraud statistics in the UK alone are mind-blowing. The Insurance Fraud Bureau estimates that the total cost of undetected insurance fraud in the UK is £2.1bn, which translates into an average £50 additional premium for every policyholder. The ABI states that every week 2,670 fraudulent insurance claims are exposed in the UK, worth £19m. Fraud is a big ticket item both for the perpetrators and for those dedicated to exposing it and bringing fraudsters to justice.
Insurance fraud falls into two distinct categories: opportunistic fraud is mainly carried out by individuals and is characterized by relatively low monetary vale but high volume, while professional fraud is generally carried out by organized groups acting as a network, maybe using multiple identities, targeting specific sectors of the industry considered to be vulnerable.
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