Leveraging AI for Fraud Detection and Prevention in Insurance Claims

The research examines the way artificial intelligence can be used to identify fraud in insurance. It assesses the accuracy of various machine learning models with specific emphasis on their capability of recognizing fake claims. It is discovered that the model is successful in determining authentic claims. It is not particularly excellent at detecting fraudulent activity, indicating the need for development. Mitigating data imbalance and investigating hybrid AIrule-based systems are recommended to enhance model accuracy. It also highlights the need for developing comprehensible models that can be trusted and relied on by all stakeholders in the time of using AI in fraud detection for the insurance sector.