Crafting a comprehensive strategy to prevent fraud and enable recovery in mobile insurance in the USA

In the U.S., the rapid expansion of mobile insurance has also created an environment of opportunity and challenge around fraud prevention and recovery. With the ever-increasing sector, fraud in the market can be fought using technological advancements like artificial intelligence (AI), machine learning and blockchain; these help in real time data analysis, pattern recognition and secure transactions. These innovations must however, always be perfected to remain one step ahead of the game and always evolving in fraudulent tactics. This paper discusses the important obstacles facing mobile insurance; namely emerging fraud risks, the necessity for comprehensive regulatory frameworks and lack of consumer awareness. The gaps in current fraud prevention tactics are uncovered by the research and the necessary regulatory updates to address digital identity and mobile platforms are highlighted. This highlights the importance for insurers, lawmakers and consumers to develop a collaborative way to gain trust and foster effective fraud detection and recovery programs. The paper also discusses the limitations of existing fraud detection models, and analyzes the opportunities for new legislation and enforcement mechanisms for reducing the risk of fraud. Also, awareness of consumer education as a key fraud prevention tool is considered important, in that educated consumers would be able to avoid fraudulent schemes. It also highlights the importance of additional research in promising technologies to apply to mobile insurance fraud prevention. Through all of this research, insights are provided into the current state of mobile insurance, challenges of fraud prevention, and actionable recommendations for industry stakeholders that will improve security and help create a more trusting mobile insurance ecosystem.