Vehicle Insurance Fraud Detection Using Machine Learning

Abstract

There are thousands of companies in the insurance industry globally, and collect premiums totaling more than $1 trillioneachyear.
Insurance fraud occurs when a person or organisation submits a fake insurance claim in an effort to collect money or benefits
to which they are not legally entitled. An insurance fraud is thought to have a total financial impact of over $40 billion. Deterring
insurance fraud is thus a difficult issue for the insurance sector. The established method for detecting fraud is focused on creat-
ing heuristics around fraud indicators. The most prevalent form of  insurance fraud is auto fraud, which is accomplished by filing false accident claims. This essay focuses on finding auto-vehicle fraud.