Combined Approach of ML and Blockchain for Fraudulent Detection in Insurance Claim

Abstract

Since the beginning of the insurance business, dishonest practices have plagued the sector. Each year, many crimes are not investigated, which costs the insurance industry billions of dollars. It is anticipated that by the year 2020, the Indian insurance business would have grown to a value of 21,715 billion dollars thanks to improvements in both knowledge and distribution methods. India comes up at number 10 for the amount of gross premiums collected by life insurance companies and number 15 for the total amount earned by non-life insurance companies. As a result, a blockchain technology-based architecture is developed to enable safe transactions and the data interchange between many agents make up the insurance network. The blockchain is a decentralized peer-to-peer technology that enables the secure, unchangeable, and open-source authentication of healthcare claims. Consider the ways in which blockchain technology and smart contracts could make corporate operations more effective. It will demonstrate how these technologies may be integrated to construct a system that makes use of machine learning to identify and prevent fraud in a variety of fields, including automobile, healthcare, and life insurance claims, among others.