Combatting Insurance fraud with AI

The Malaysian life insurance market is poised for substantial growth, as recent studies forecast gross written premiums (GWP) to reach an impressive US$15.9 billion by 2027 (about 22.3% growth from 2022 GWP of US$13.1 billion). However, along with the promising growth in premiums, there is also concern of a potential rise in fraudulent claims. Allianz statistics reveal that motor insurance claims fraud alone costs RM1 billion per year, posing a significant challenge for insurance providers. We sit down with Queenie Wong, Director for Customer Advisory at SAS Malaysia and discuss how analytics help insurance companies better understand their customers.