Generative AI has shifted the fraud problem.
Generative AI can now fabricate any claim artefact, photographs, documents, scans, convincingly enough to fool any human reviewer. Veritura is a forensic intelligence platform purpose-built for this problem: claims handler in the loop, forensic analysis beneath the surface. An InsurTech product from Soft Edge.
Generative AI has made fabricated evidence indistinguishable to the human eye. It has not made it undetectable to forensic analysis. The gap between what a claims management platform receives and what a claims management platform can verify is now wide enough to drive a claims fraud crisis through.
Forensic analysis can do what the human eye cannot, distinguish authentic evidence from fabrication. Veritura runs that analysis on every submission, before a claim is approved.
Insurance markets are growing, claims volumes are rising, and the penetration of generative AI fraud tools is accelerating. The recoverable fraction of claims leakage that systematic forensic detection addresses is now measurable in tens of millions per year, per market.
Industry research consistently places claims leakage at five to ten percent of claims spend, the recoverable fraction systematic forensic detection addresses.
The starting point of a curve insurance markets are accelerating along.
The global insurance fraud detection market is forecast to more than triple by 2030.
A carrier running 100,000 motor claims per year at €2,000 average carries €12 M in annual leakage exposure at a conservative 6% rate.
Claims management platforms and carriers facing a fraud landscape that generative AI has fundamentally rewritten, and regulators who will require explainable, auditable detection by design.
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