Machine learning, analytics should be used to settle claim faster and detect frauds: IRDAI Member

The insurance company should start making more use of technology to complete the claim settlement process faster and even fraud detection can be easily done, an IRDAI member distribution SN Rajeshwari said during National Insurance Academy’s insurance summit.

IRDAI stands for Insurance Regulatory and Development Authority of India.

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Rajeshwari in his address said that machine learning and analytics should be used more often to settle the faster and even because of this a fraud can be detected too.

According to Rajeshwari, it is necessary to make the government insurance schemes accessible to all, he further added that the insurance should also be accessible to the smallest places to connect all sections with insurance.

The overall healthcare gap has widened and also puts a burden on people's pockets because of the high cost of treatment and lifestyle diseases, an IRDAI member said during a summit on Thursday.

Moreover, in order to increase the reach of insurance in the country an initiative has been taken by insurance companies to adopt villages where government and non-government insurance schemes will be delivered to small villages, Rajeshwari said during his address at summit  

Before concluding, the IRDAI distribution member said, “Health protection can be increased through technology and insurers can create low-cost products as well as everyone should have access to insurance even if its small/rural space.