Insurance fraud bureau (IFB) has announced a partnership with shift technology to build a powerful, new fraud detection system on behalf of the UK general insurance market.
Insurance scam takes place every minute costing not just the insurance industry but the economy over 3 billion pounds annually. With the fast pace of the digital world, fraudster have intensify their criminal tendencies across boarders. The IFB is committed in the fight against organized insurance fraud. Hence their partnership with shift technology to build a solution using artificial intelligence which would be delivered by 2022 for general insurance business. The AI powered system will escalate the threat of organized insurance fraud networks with the capability to alert fraud investigators to suspicious activity in real time.