Government to fund AI projects

Robert Brown • March 20, 2019

The Government has announced 40 new artificial intelligence and data analytics projects in order to change how British accountancy, insurance and level services operate. £13m has been earmarked in an effort to support projects like voice recognition technology that could help brokers to analyse the authenticity of insurance claims.

Given that fraud costs the industry around £3 billion in 2017, this initiative developed by Intelligent Voice Ltd, Strenuus Ltd and the University of East London could be a timely boost to brokers as it uses AI and voice recognition to examine emotion and linguistics. This could be of great help in examining claims in more depth to determine if clients are attempting fraud.

Another example of a project that could benefit the industry includes the use of drone imaging in an effort to assess areas damaged by flooding in more detail, utilising 3D image recognition systems to analyse the depth and extent of destruction in an area.

Greg Clark, the UK’s business secretary offered the following on the news: “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.”

Work has already begun on these projects, with the aim to roll them out into their respective industries over the next two years. Any extra tools to aid the insurance industry’s efforts to tackle fraudulent claims are sure to be welcomed across the board.

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