Artificial Intelligence to tackle insurance fraud and assess flood damage
A project to develop breakthrough artificial intelligence technology for the anti-fraud sector is one of a number of new projects set to receive funding to enable the UK accountancy, insurance and legal services industries to transform how they operate.
The artificial intelligence software, being developed by Intelligent Voice Ltd, Strenuus Ltd. and the University of East London 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 £3 billion in 2017, equating to £10,400 per fraudulent claim, and costing consumers an extra £50 per policy.
The project is one of 40 backed by £13 million in Government investment to support collaborative industry and research projects to develop the next-generation of professional services.
Other examples include:
- An online “bot” which will use artificial intelligence 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.
- Artificial intelligence software that will analyse accounting data and suggest ways for businesses to cut expenditure, suggesting new deals on gas, water and electricity bills.
