Insurance Fraud Bureau and Shift Technology launch AI counter-fraud solution for UK insurers
IFB Exploration will use artificial intelligence to enable the insurance industry to detect suspicious activity and organised fraud as it emerges
The Insurance Fraud Bureau (IFB) and Shift Technology have announced that IFB Exploration is live.
IFB Exploration is an artificial intelligence (AI) counter-fraud solution designed for UK insurers and will utilise AI to allow the collective insurance industry to identify any suspicious activity and organised fraud as it happens.
It provides advanced network detection capabilities across motor, property, and liability lines of business. IFB members can remotely access the industry’s transactional data set, focusing on at-risk entities and networks that potentially link to organised fraud and gain contextual insights as they emerge.
It is anticipated that counter-fraud teams can reduce the amount of time and money spent on manually searching for patterns in fraudulent activity.
Ursula Jallow, Director at the IFB, said: “There has never been a greater need for the industry to collaborate and keep pace with the evolving tactics of fraudsters, and IFB Exploration marks that step change. This solution was built by leading counter-fraud teams from across the industry. It is designed to adapt and evolve to threats in real-time and it really will enable the industry to be stronger in their tactics to prevent and detect fraud.”
Shift Technology recently formed a strategic partnership with Sapiens International, a provider of software solutions to the insurance industry.