Speed with trust: Why insurance needs a trust intelligence layer
By Manjit Rana, Executive VP Insurance at Clearspeed
Insurance, at its core, is a business of trust.
Every insurance agreement rests on the assumption that the information entering the system is honest and accurate. And, historically, that hasn’t been a problem. Faking evidence took effort, and the cost of an occasional bad actor could be priced into a carrier’s books.
Today, that’s no longer the case. With generative AI, a doctored invoice or photorealistic image of damages can be produced in seconds – and that’s exactly what insurers are seeing.
According to Verisk, 98% of insurers say AI is fuelling media fraud, yet just 32% are confident they could detect a deepfake. And, alarmingly, it’s becoming more culturally permissible to manipulate information. The same research found that 55% of Gen Z and 49% of Millennials would consider a small rule-bending edit to a claim photo.
As a result, the trust deficit is growing, driving up loss ratios. Indeed, the Coalition Against Insurance Fraud estimates that fraud costs the industry $308.6 billion every year.
Read more here.
