The UK Government has unveiled its support for the artificial intelligence (AI) software, being developed by Intelligent Voice, Strenuus and the University of East London, to detect fraudulent insurance claims.
Image: UK Government to support AI projects in Insurance. Photo: Courtesy of geralt/Pixabay.
The software will combine AI and voice recognition technology to detect and interpret emotion and linguistics to assess the credibility of insurance claims.
It is one of the 40 new AI and data analytics projects announced to increase productivity and improve customer service in professional services sector.
The UK government has agreed to provide £13m in funding for the collaborative industry and research projects to develop the next-generation of professional services.
The government stated that in 2017, insurance fraud has cost the UK £3bn, which equates to about £10,400 per fraudulent claim and costing consumers an extra £50 per policy.
One of the other projects includes an online ‘bot’ which will use AI to provide quick answers to legal questions.
Another project will develop an analysis tool which will look at images collected by drones to assess flood-damaged areas, using a 3D image recognition system to assess flood extent and depth along with impacts on buildings and infrastructure to help with insurance claim assessments.
UK 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.”
“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. We’re investing record levels in research and development so that every part of the UK can benefit from the industries and high-skilled jobs of the future.”
The 40 projects are part of the £20m Next Generation Services Industrial Strategy Challenge Fund, administered by the UK Research and Innovation (UKRI), to support the development and adoption of AI and Data technologies to transform the country’s services industries.
The research and development projects will begin work from this month and initiatives could be rolled out by next year or 2021, the government stated.
UK Research and Innovation CEO Sir 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.”
“Through the Industrial Strategy Challenge Fund we are building on UK expertise in artificial intelligence and data science to deliver benefits that will be felt in the services sector and beyond.”