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Detection of Insurance Fraud

Insurance fraud is costing insurers substantial sums each year, which in turn causes increased premiums for honest customers. Developing better measures to detect and prevent fraud cases could therefore have positive impacts on several levels.

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About the project

Insurance fraud is costing insurers substantial sums each year, which in turn causes increased premiums for honest customers. Developing better measures to detect and prevent fraud cases could therefore have positive impacts on several levels.

The aim of the project is to combat insurance fraud by training fraud-detection models on a large pooled dataset from several insurance vendors. Finance Innovation are working with Tryg, Frende Forsikring, Fremtind, Webstep and PWC to create a shared (but secure) data lake which each participant can use for training purposes. If successful, this setup will allow for superior models and consequently an increased safeguard against fraud. The long-term ambition will be to have every Norwegian insurance company participate in this type of system to reduce fraud on a nation-wide scale.