Aioi Nissay Dowa Insurance bags two wins at Insurance Asia Awards 2024

The utilisation of AI technology has allowed the deterrence of fraud that were previously not visible to human detection.

Property and casualty insurance company Aioi Nissay Dowa Insurance took home two major accolades at the coveted Insurance Asia Awards 2024 for its development of an Auto Insurance Artificial Intelligence (AI) Fraud Detection System.

The innovation comes amidst the problem of fraudulent insurance claims plaguing the non-life insurance industry. With Aioi Nissay Dowa Insurance having approximately 4.2 million records of repair costs related to past auto insurance claims, the company believes that having AI is going to help in discovering characteristics of repair shops and how to detect clues to fraud before they become visible to the human eye.

Auto Insurance AI Fraud Detection System enables effective investigation methods by incorporating the technology into actual damage investigation operations and proactively conducting onsite investigations of repair shops with high AI detection scores.

Through the data of actual fraudulent insurance claims and repair costs, the system succeeds in scoring the likelihood of fraud at individual repair shops. A unique and innovative investigation method wherein humans and AI cooperate to implement fraud detection countermeasures at repair shops have been developed through this capability.

AI can respond flexibly to new fraud claims by learning from the accumulating data, with the more data accumulated leading to more accuracy on its detections.  

“Until now, there have been no examples in Japan of machine learning using repair cost data or analysing the characteristics of repair shops using vast amounts of data, making it a very creative and innovative initiative to explore ways to prevent fraudulent claims by utilising big data,” the company said.

It added that AI detection has revealed the possibility of fraudulent claims even at repair shops that were previously considered in good standing, and adding AI judgement to human judgement has led to more accurate detections of previously undetectable fraudulent claims.

Aioi Nissay Dowa Insurance garnered the Claims Initiative of the Year - Japan and the Domestic General Insurer of the Year - Japan category wins for this groundbreaking initiative.

Insurance Asia Awards celebrates insurance companies that have redefined traditional boundaries through groundbreaking innovation and have left a profound impact on customers and in the industry.

The Insurance Asia Awards is presented by Insurance Asia Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's significant impact on its customers with exceptional products, services, and solutions in the insurance industry, please contact Julie Anne Nuñez at [email protected].