The anti-fraud sector is benefiting from a cash injection to develop Artificial Intelligence technologies.
Insurance fraud cost the UK £3 billion in 2017, equating to £10,400 per fraudulent claim, and costing consumers an extra £50 per policy. With new funding the UK accountancy, insurance and legal service industries will soon be transformed to help them combat fraud and save businesses and consumers money.
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.
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.
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 projects back innovation in the accountancy, insurance and legal services and are part of the Next Generation Services Industrial Strategy Challenge Fund. This is a £20 million fund, administered by UK Research and Innovation (UKRI), to support the development and adoption of AI and Data technologies that will transform the UK’s services industries.
UK Research and Innovation Chief Executive, Professor 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.”
The Government’s modern Industrial Strategy commits to placing the UK at the forefront of the sectors and technologies of the future. The research and development projects will begin work from this month and could see initiatives rolled out in the industries by 2020/21.
Image credit: www.vpnsrus.com