Criminal syndicates defrauding South African insurance companies are causing law-abiding citizens’ premiums to be much higher than they otherwise would be.One of the company’s co-founders, Ernest North, told MyBroadband that they have recently noticed an uptick in fraudulent insurance claims.
“Whether or not we decide to instantly process a claim depends on all the data we’ve gathered on a user’s interaction with the app.” “These are the type of data points that our automated system picks up really quickly because they are obviously suspicious,” North said. North said Naked’s use of artificial intelligence gives them the edge over traditional insurers, allowing them to keep their loss ratio relatively consistent over the year.
“Some insurers target a very low number, which increases their profitability. At Naked, we tend to aim for a higher number than other insurance providers,” North said.North explained that in any given month, an insurance company is either over or under their target.“While there are other factors that can affect the ratio, if you measure it purely by taking the percentage of our clients that claim, our ratio has not deteriorated.
Source: News Formal (newsformal.com)
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