Tuesday, March 26, 2019

UK Government Aims to Tackle Insurance Fraud with AI

A bodybuilder, a cyclist and a student. They didn’t walk into a bar. But they did raise some hair-raising fraudulent insurance claims. In 2017, a cyclist claimed £135,000 compensation after he falsely stated that he fell off his bike following a collision with a pothole. A bodybuilder claimed £150,000 for a back injury that wasn’t hindering him from the press-up challenge he went on to film. And a student thought his luck was in when he tried to claim £14,000 for the “loss” of some of his more expensive personal items while on a jolly holiday in Venice.

Insurance fraud cases cost the U.K. billions of pounds every year. On average, it boils down to over £10,000 per fraudulent claim — and results in consumers having to spend an extra £50 per policy. To drive these numbers down, Intelligent Voice, Strenuus and the University of East London are creating an AI and voice recognition technology that will help identify fraudulent claims.