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Government-backed AI project to take on insurance fraud

Government-backed AI project to take on insurance fraud | Insurance Business UK

Government-backed AI project to take on insurance fraud

Insurance fraud, which the government said cost the UK £3 billion in 2017, is about to get a new nemesis.

Intelligent Voice Ltd, Strenuus Ltd, and the University of East London are jointly developing an artificial intelligence (AI) software aimed at combining AI and voice recognition technology to detect and interpret emotion and linguistics in efforts to assess the credibility of insurance claims.

The collaboration is among 40 AI projects backed by the UK government through £13 million in funding. Initiatives, which will begin work this month, include an online bot designed to answer legal queries and a flood analysis tool that will utilise drone imagery.

“Artificial intelligence and data are transforming industries across the world,” commented Business Secretary Greg Clark. “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.”

Clark said the government is investing record levels in research and development, with the projects set to innovate the accountancy, insurance, and legal services. This latest investment is part of the Next Generation Services Industrial Strategy Challenge Fund, which is administered by UK Research and Innovation (UKRI).

“Through the Industrial Strategy Challenge Fund we are building on UK expertise in artificial intelligence and data science to deliver benefits that will be felt in the services sector and beyond,” said Professor Sir Mark Walport, UKRI chief executive.