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February 18, 2019

UK supports AI-based insurance technology to detect fraud

The UK government has announced £13m ($16.7m) in funding to support 40 artificial intelligence (AI) and data analytics projects to enhance productivity and improve customer service.

The projects include an online “bot” for quick legal advice, voice recognition technology to detect fraudulent insurance claims, and AI software to review business expenses.

Being developed by Intelligent Voice, Strenuus and the University of East London, the AI solution will combine AI and voice recognition technology to detect and interpret emotion and linguistics to assess the credibility of insurance claims.

Insurance fraud cost the UK £3bn in 2017, which is equal to £10,400 per fraudulent claim, and costing consumers an additional £50 per policy.

Another project is an analysis tool, which uses a 3D image recognition system to evaluate images captures by drone. The tool is helpful in deciding in flood extent and depth alongside impacts on buildings and infrastructure to help with insurance claim assessments.

All 40 projects form part of the UK government’s Next Generation Services Industrial Strategy Challenge Fund. Administered by UK Research and Innovation, the £20m fund aims to support the development of AI and data technologies.

UK Business Secretary Greg Clark: “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.

“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.”

UK Research and Innovation CEO Mark Walport said: “The service industry around the world is being transformed by information technology. The Next Generation Services Challenge offers important opportunities for transformation of the legal, insurance and accountancy sectors across the UK.”

The research and development projects are scheduled to start working this month while the launch of new initiatives is expected by 2020/21.

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