This new potential fraud detection solution looks promising on paper, let’s see if it delivers results in the fight against organised fraud like crash-for-cash, fake injury/illness claims, mysterious old building fires or spotting vehicles with cloned plates and their regular drivers. Here’s the word;
The Insurance Fraud Bureau (IFB) and Shift Technology today announce that IFB Exploration – an AI counter-fraud solution designed for UK insurers – has gone live. IFB Exploration will utilise artificial intelligence to enable the collective insurance industry to detect suspicious activity and organised fraud as it emerges. With millions of insurance records now being interrogated on a regular basis, insurers have their fraud defenses significantly enhanced, making insurance services safer and fairer for all.
Early adoption of the solution is already demonstrating an increase in IFB’s detection capability on behalf of the UK insurance industry, with the system anticipated to further strengthen as the AI learns and adapts.
IFB Exploration provides advanced network detection capabilities across motor, property and liability lines of business. It allows IFB members to remotely access the industry’s transactional data set, focusing on at-risk entities and networks that potentially link to organised fraud and gain contextual insights as they emerge. It is also expected that the platform will mean counter-fraud teams can reduce the amount of time they spend manually looking for patterns of fraudulent activity, enabling a greater focus on executing operational responses.
Shift’s AI is used to analyse billions of claims and policies worldwide each year. This insight has helped the tech giant to develop AI solutions which are extremely accurate, strengthen and adapt over time as new fraud scenarios are identified, investigated and confirmed. Following the launch of IFB Exploration, IFB and Shift will embark on a roadmap for further evolution, which will include the creation of additional member-facing analytics deliveries, incorporation of greater levels of automation as well as further enhancements in line with member feedback.
Ursula Jallow, Director at the Insurance Fraud Bureau (IFB), said:
“In recent years the nature of insurance fraud has become increasingly complex and data driven. And with so many consumers facing significant financial hardship, there are sadly even more opportunities for vulnerable people to be targeted by organised insurance scams.
“There has never been a greater need for the industry to collaborate and keep pace with the evolving tactics of fraudsters, and IFB Exploration marks that step change. This solution was built by leading counter-fraud teams from across the industry. It is designed to adapt and evolve to threats in real-time and it really will enable the industry to be stronger in their tactics to prevent and detect fraud.
“I’d like to thank the General Insurance Fraud Committee (GIFC) and our insurer members for their time and dedication in helping us to build IFB Exploration. Its launch is undoubtedly going to help protect the entire insurance market and the public from fraud.”
Members of the insurance sector can contact IFB to find out more about its membership and gaining access to IFB Exploration.
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