Search Results for: health insurance

Health insurance fraud may prove especially pressing due to the opioid epidemic, and thus routing out fraud could be of greater importance in the coming years.

Health insurance is a critical component of the healthcare industry with private health insurance expenditures alone estimated at $1.1 billion in 2016, according to the latest data available from the Centers for Medicare and Medicaid Services. This figure represents 34 percent of the 2016 National Health Expenditure at $3.3 trillion.  

Insurers are looking to leverage all of the digital customer data that is now available to them, including one new data source that some of the largest insurance enterprises claim are actively collecting: real-time data streams from the Internet of Things (IoT).

COVID-19 did not just bring waves of diseases and contagious variants across the world starting in early 2020 – a tsunami of fraud soon followed the broad sweep of a pandemic that would engulf the global insurance industry. 

Healthcare is an increasingly complex sector of the global economy, and AI is playing an active role in the worldwide evolution of the industry throughout its many disciplines. In a Deloitte study released earlier this year, 85% of respondents among healthcare business leaders said their enterprise was increasing AI spend before 2023. 

UnitedHealth Group, Inc. (NYSE: UNH) is an American multinational managed healthcare and insurance company based in Minnetonka, Minnesota. It offers health care products and insurance services. UnitedHealth Group (UHG) is the world's eighth-largest company by revenue, the second-largest healthcare company behind CVS Health by revenue and the largest insurance company by net premiums. 

This article is sponsored by SambaNova, and was written, edited and published in alignment with our transparent Emerj sponsored content guidelines.

The Allstate Corporation, or simply ‘Allstate,’ was founded by Sears, Roebuck & Co., then-president General Robert E. Wood in 1931. Auto liability insurance began as the company’s flagship product and remains so today. The company added various coverage types throughout the 50s and 60s, including commercial, health, life, and personal liability insurance. 

Several key insurance carriers began to experiment with AI in the last decade, including Progressive, All-State, and State Farm. Although not as large as the banking and retail industries, the AI vendor landscape in insurance is growing.

The insurance industry is responsible for a multitude of sensitive financial data concerning both its customer base and staff. Any breach to an insurance company's CRM or other claims database could compromise the personal data of multiple people at once, which puts the company at risk as well.