Digital technology experts at Aston University in England are collaborating with industry to transform fraud detection. It will accelerate and improve how police and insurance claims are verified.
Aston researchers say that this project is a first for the insurance sector. It will exploit new forms of *artificial intelligence and *machine learning to help combat fraudulent claims, which currently stand at £1.1 billion in the UK, and are still growing.
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Knowledge Transfer Partnerships (KTP) funded by Innovate UK are collaborative initiatives that bring together businesses, a university, and specialized research associates.
Through their work with NetWatch Global, a leading intelligence services provider, Aston University researchers aim to exploit AI to revolutionize digital technology integration across various business processes.
In addition to optimizing the efficiency of managed services, the partnership will focus on developing AI-driven software tools for fraud detection and improving the verification of motor insurance claims. This area, identified by the Association of British Insurers, has the highest incidence of fraud.
AI-Powered Tools to Streamline Fraud Detection and Reporting
Thanks to new AI models, the software suite will be able to analyze several forms of data, including video, audio, image, text, and social media – and seamlessly link these data assets together, enabling automatic searches for evidence.
This will save a lot of time. Currently, analysts manage this process manually. The project will create a rapid report generator using generative AI, along with natural language processing to develop an advanced chatbot that responds to queries in a user-friendly human-like way.
As the project involves using different types of data (like text, images, and videos) and advanced AI technology, the KTP team will need to create custom AI tools that can find, organize, and summarize information from various sources and situations.
Delivering more efficient and faster services
The powerful and innovative set of scalable AI-based software tools will automate the extraction of information and insights for insurance claims in ways that were previously impossible.
With these tools, it will be possible to deliver a more efficient and faster service to clients, helping NetWatch grow, stay competitive, and explore new market opportunities.
Chief operating officer (COO) of NetWatch Global, David Purcell, said:
“A KTP is a very cost-effective approach for us to…