A platform that uses artificial intelligence (AI) to catch insurance fraudsters is one of 40 new AI and data analytics projects to receive UK Government backing.
Tech companies Intelligent Voice and Strenuus, together with the University of East London, are developing AI software to identify fraudulent insurance claims by detecting suspicious patterns in phone-callers’ voices. Combining voice recognition technology and AI, it will detect and interpret emotion and linguistics to assess the credibility of insurance claims.
Announcing the investment, Innovate UK and the Department for Business, Energy & Industrial Strategy said that insurance fraud cost the UK £3bn in 2017, equating to £10,400 per fraudulent claim and costing consumers an extra £50 per policy.
All 40 projects sharing £13m of Government investment focus on the accountancy, insurance and legal services sectors.
Other new projects chosen for funding include:
- An online ‘bot’ that will use AI to provide quick answers to legal questions online
- An analysis tool which looks at images collected by drones to assess flood-damaged areas, using a 3D image recognition system to evaluate flood extent and depth alongside impacts on buildings and infrastructure to help with insurance claim assessments
- AI software that will analyse accounting data and suggest ways for businesses to cut expenditure
Business Secretary Greg Clark said: “Artificial intelligence and data are transforming industries across the world. 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.”
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