Neo First Life to Introduce New AI-Based Advanced Detection of Fraudulent Claims
Neo First Life Insurance, a member of the Dai-ichi Life Group, announced a new AI-based system that detects potential fraudulent insurance claims early, which will be gradually introduced from June to October 2025.
In recent years, insurance claims suspected to be fraudulent have become increasingly complex and sophisticated. Dealing with moral risk is a critical challenge for the life insurance industry, ensuring that policyholders can utilize insurance in a fair and sustainable manner.
The Dai-ichi Life Group, aiming to establish itself as a "global top-tier insurance group" by 2030, has committed to digital transformation including the internal development of digital organizational capabilities and the adoption of data-driven business operations in its new medium-term management plan.
Conventionally, analysis by expert assessors in Neo First Life Insurance has been a major method to detect fraud signs. However, since the 2024 fiscal year, as a part of its efforts to become a data-driven organization, Neo First Life Insurance has been developing an internal system utilizing Business Intelligence (BI) tools to improve detection capabilities of fraudulent insurance claims. By integrating AI support into its internally developed BI tools, Neo First Life Insurance will achieve faster and more accurate fraud detection.
