March 25, 2019
LONDON - A new collaboration between AI startups and the University of East London will see the British government leverage voice recognition-based AI solutions to help identify and tackle fraudulent insurance claims.
With UK insurers witnessing 'one scam every minute', insurance fraud costs the British economy an estimated £1.3 billion every year. In individual terms, this can be up to £10,000 per fraudulent claim - with consumers having to spend an extra £50 per policy as a result.
Backed by the British government's Next Generation Services Industrial Strategy Challenge Fund, the University of East London will team up with AI startups Intelligent Voice and Strenuus to identify fraudulent behaviour in real time.
Two of the most significant challenges facing insurance companies today are the number of calls they receive for fraudulent claims, as well as compliance with the recently-introduced GDPR laws prohibiting algorithmic 'black box' policies, which states that companies have to be able to explain to customers and regulators how algorithmic decisions are made.
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