Insurance companies using AI for underwriting and due diligence amid cyber threats

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Insurance companies are turning to AI as a tool that can help them dig deeper more efficiently in the underwriting process, even as AI tools are used by fraudsters against businesses.

Zscaler CEO Jay Chaudhry details how hackers tried to impersonate him by using A.I. voice cloning to run a scam on The Claman Countdown.by incorporating it into its underwriting processes amid looming cyber threats, some of which may also utilize AI.

"We want to make sure we have good clients on the books," Van Carlson, the founder and CEO of SRA 831 Admin, a strategic risk alternatives company, which offers plans to small- and medium-sized businesses seeking to self-insure their risk, told FOX Business. "We’ve actually had AI in the past catch some issues with clients.

Carlson said that scammers are masking phone calls to conceal their identity, attempting to hijack emails and formulating long-term plans to rip off businesses, which has insurance companies on edge as AI proliferates.

 

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