Classification algorithms are used to categorize data into a class or category.
Insurance firms incur enormous financial losses as a result of fraudulent vehicle insurance claims. According to reports, claims padding—the practice of adding damage, injuries, fictitious passengers, and other such things—represents 90% of insurance frauds. By staging fake accidents the remaining 10% are claimed. Therefore, it is crucial for insurance firms to spot such false claims.
By building a fraud detection algorithm insurance companies would automatically be flagged about auto insurance fraud claims and will be able to handle them.
Learn how classification algorithms can be used for flagging a claim as legitimate or fraudulent.
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