AI Revolutionizing Insurance: From Fraud Detection to Legal Strategy Optimization

[by Andrea Paschetta]

Artificial intelligence technologies, such as ChatGPT, have several applications in the insurance industry for activities such as litigation management and legal research.

Here are some of the ways in which AI is being used in these areas:

  • Automating legal research: Insurance companies often need to conduct in-depth research on legislation, regulations and case law to support their litigation. AI can be used to automate part of this process, analysing large volumes of legal documents, past judgements and other sources to extract relevant information and provide a comprehensive view of the case.
  • Claims analytics and fraud prevention: AI can be used to analyse claims submitted by customers and detect suspicious patterns or anomalies that may indicate insurance fraud. ChatGPT, for example, can be trained to examine the details of claims and identify inconsistencies or fraudulent behaviour. Mention should be made here of Insurtech and Legal Tech, a startup that gives evidentiary and irrefutable value to a given source of information through documentary and photographic certification.
  • TrueScreen is a startup that gives evidentiary and irrefutable value to a given source of information through documentary and photographic certification. It collaborates with numerous insurance companies such as Cybersecurity solution that certifies digital content with legal value, guaranteeing its authenticity and immutability, with the goal of preventing fraud and misinformation. We increase the quality and speed of information processes by enabling companies, professionals and individuals with proprietary technologies that are easy to integrate and adhere to international guidelines (eIDAS, GDPR, ISO). TrueScreen protects people from the easy availability of software that enables easy manipulation of the meaning of any digital content (deepfake AI, editing apps) and the wide use of mobile devices as a means of capturing information (94% of files are generated by smartphones and tablets). In the enterprise environment, TrueScreen provides a suite of useful services for comprehensive document flow management, ensuring:

– Analysis and certification of content integrity at source

– Simple management of certified content

– Secure storage on the cloud

– Easy integration with enterprise information systems

Investigation management: In the context of insurance litigation, AI can support investigation management by helping to organise and analyse the evidence collected during the investigation (photos taken after a car accident, if stored on the blockchain, can be sent immediately to the insurance company via an app, without being edited by the customer or the company itself. ChatGPT can then be used to sort and categorise evidence (structuring the database), identify correlations between data and provide recommendations on strategy during the investigation process.

Automated and customised insurance claims: ChatGPT and similar systems can be used to process insurance claims by providing immediate responses to customer questions (chatbot/audio-bot), guiding customers through the claims submission process, and collecting relevant information for claims evaluation. AI can be programmed to provide personalised responses to customer queries based on information available in insurance systems and individual customer preferences.

Optimise legal strategies: AI-based predictive analytics can be used to identify, through predictive algorithms, the most effective legal strategies to adopt in specific cases.

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