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eAlerts Récentes

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  13/11/2024

  Afrique du Sud

  Impact of AI on insurance underwriting: the use of AI in tailor making insurance policies

  The 1940s marked the beginning of the use of Artificial Intelligence ("AI") with the decoding of the Enigma machine following World War II, although its use in the insurance industry was only implemented during early 2010 to enhance efficiency and reduce costs by analysing vast quantities of data. It has since been employed in claims processing, customer service, and risk assessments. Despite the fact that insurers pay large sums in claims annually, a small percentage of claims are denied, primarily due to omitted or inaccurate information submitted during the underwriting process.Underwriting...

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  11/11/2024

  United Kingdom

  Failure to prevent fraud offence: “reasonable procedures” guidance published and the countdown begins

  The UK’s Economic Crime and Corporate Transparency Act 2023 (“ECCTA”) makes various changes in the law relating to economic and financial crime.The official Guidance on the new offence of “failure to prevent fraud” (the “Guidance”) has now been published. Companies which have not already put anti-fraud procedures in place now have under 10 months in which to do so.The Failure To Prevent Fraud OffenceIn summary:The new offence will come into force on 1 September 2025.The new offence will apply  to large organisations  to which at least two of the...

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  11/11/2024

  South Africa

  Using Artificial Intelligence to prevent fraud in South Africa

  In a time where technology is front and centre, there is no question that artificial intelligence (AI) is transforming the world, especially in the insurance industry. On the one hand, fraudsters are committing insurance fraud through the use and manipulation of AI systems and on the other hand, insurance providers are using it to prevent fraudulent claims.In 2022, insurance providers in South Africa detected approximately 8 931 cases of insurance fraud and dishonesty and prevented R1.1 billion losses which would have affected the insurance industry as a whole. Despite this, one cannot ignore...

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  06/11/2024

  Afrique du Sud

  The role, opportunities and challenges of AI in detecting financial fraud

  Artificial Intelligence (AI) is increasingly playing a pivotal role in combating financial fraud in South Africa, where the rise of digital banking and online transactions has brought both new opportunities and challenges. As fraudulent schemes like card cloning, phishing, and identity theft become more prevalent, AI offers a powerful solution to detect and prevent these activities more effectively than traditional methods.In South Africa, financial fraud remains a widespread issue, affecting consumers and businesses alike. AI is particularly useful in identifying suspicious patterns and behaviours...

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  06/11/2024

  Afrique du Sud

  Curbing the emergence of deep fake scams: are insurance companies future fit?

  The rapid emergence and development of Artificial Intelligence (“AI”) systems has become so prevalent a subject, it dominates discussions and dialogue across a broad spectrum of sectors that encompass the commercial value chain.Prior to the introduction of AI, there have been numerous technological tools that have enabled people and industries across the board to carry out tasks with greater efficacy and efficiency, but very rarely has there been a technological tool that can simulate and improve iterative human learning and problem-solving processes as effectively as AI. This has invariably...

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  04/11/2024

  Afrique du Sud

  The double-edged sword of AI: Navigating innovation and exploitation in the digital age

  Fraud is a timeless challenge that has evolved with society, and no organisation is immune to its risks. It can manifest in many ways, ranging from simple misrepresentations to highly sophisticated schemes. Today, technology is deeply embedded in both our personal and professional lives, offering countless benefits – but it also presents new avenues for fraudulent activity, especially in data-rich sectors like insurance.In the past five years, technological advancements have enabled most businesses to transition to remote work setups, proving the versatility and resilience of modern technology....

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