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UK Goverment funds AI to tackle insurance fraud and save money

  • The Department for Business, Energy & Industrial Strategy has announced 40 new projects that will use artificial intelligence to overhaul the insurance industry and aims to detect fraud.

    The UK Government has announced 40 new artificial intelligence and data analytics projects under Innovate UK and the Department for Business, Energy & Industrial Strategy, with the government investing £13m. The new projects will help to revolutionise the insurance industry, improve automation in the customer service sector, and help businesses cut costs.

    One of the main projects being funded through the investment is an attempt to use artificial intelligence to detect fraud. Company Intellignt Voice Ltd plans to use artificial intelligence and voice recognition technology to detect and interpret emotion and assess the credibility of insurance claims.

    While the goal of the project is ostensibly to reduce fraudulent insurance claims, the technology to interpret emotion or truthfulness reliably by analysing voice recordings does not currently exist. AI-based lie detection and sentiment analysis have been targets of ongoing research in recent years, but the field has been highly controversial.

    Other projects being funded include using drones to assess flood damage for the purposes of informing insurance payouts, an AI system that will analyse a company's accounts and suggest ways that they could save money, and an AI chat bot that can answer basic legal queries.

    Source: UK Gov

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