The Government has put £13m to develop professional services in the UK as it looks to tackle the estimated £3bn annual cost of insurance fraud – the equivalent of £10,400 per fraudulent claim, and which costs you and I an extra £50 per policy.
The system – being developed by Intelligent Voice, Strenuus and the University of East London – will explore how a combination of AI (Artificial Intelligence) and voice recognition technology could be used to “detect and interpret” emotion and linguistics to assess the credibility of insurance claims.
It’s actually just one of a number of UK accountancy, insurance and legal services projects being put together to a get funding to enable these sectors to use technology to transform how they operate – 40 in total.
Other examples include
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- a “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
- AI designed to analyse accounting data and suggest ways for businesses to cut expenditure, suggesting new deals on gas, water and electricity bills.
“Artificial intelligence and data are transforming industries across the world,” claimed Business Secretary Greg Clark when he announced the projects last week.
“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.”
Project funding comes from the Next Generation Services Industrial Strategy Challenge Fund -a £20m pot of money being administered by UK Research and Innovation (UKRI) to support the development and adoption of AI and Data technologies aimed at transforming the UK’s services industries.
UK Research and Innovation is a new body which works in partnership with universities, research organisations, businesses, charities, and government to create the best possible environment for research and innovation to flourish.