A new scheme backed by the UK Government aims to use artificial intelligence (AI) to fight the plague of insurance fraud – which, according to government statistics, cost the UK economy £3 billion in 2017. This equates to £10,400 per fraudulent claim, and an extra £50 per policy for consumers.
Intelligent Voice Ltd is partnering with Strenuus Ltd and the University of East London to develop a new type of software, which will combine AI and voice recognition technology to interpret telltale signs in the emotions and linguistical patterns of insurance claimants, to ascertain whether they are credible. It is one of 40 different AI-driven projects backed by the government via a £13-million funding boost, including an online legal bot and a drone-powered flood analysis tool.
“Artificial intelligence and data are transforming industries across the world,” said Greg Clark, UK Business Secretary. “We are combining our unique heritage in AI with our world-beating professional services to put the UK at the forefront of these cutting-edge technologies and their application. We want to ensure businesses and consumers benefit from the application of AI – from providing quicker access to legal advice for customers, to tackling fraudulent insurance claims, these projects illustrate our modern industrial strategy in action.”