Aston University pioneers AI collaboration to combat insurance fraud

A collaboration involving Aston University has emerged, aiming to reshape the insurance sector through the application of advanced artificial intelligence (AI) and machine learning. This initiative will focus on enhancing the verification of claims, particularly in the face of rising fraudulent activities, which currently cost the UK insurance industry around £1.1 billion.

This project, facilitated through Knowledge Transfer Partnerships (KTP) funded by Innovate UK, connects Aston University, an institution renowned for its cutting-edge expertise in digital technology, with NetWatch Global, a provider of intelligence services. The partnership seeks to leverage Aston’s research capabilities to explore novel applications of AI that can be seamlessly integrated into business operations.

The KTP team, comprised of a university research associate and experts across various domains of the institution, is set to work on a suite of AI-based software tools specifically tailored for the insurance field. Among the focal points of the project will be the development of automated systems for verifying motor insurance claims, which the Association of British Insurers identifies as the most susceptible to fraud.

The innovative software will utilise generational AI technologies to enhance data processing capabilities. This involves the ability to sift through and analyse diverse forms of information including text, images, video, audio, and social media. The integration of these various data streams is anticipated to significantly reduce the time analysts currently spend on manual verification methods.

David Purcell, Chief Operating Officer of NetWatch Global, articulated the advantages of the partnership when he said, “A KTP is a very cost-effective approach for us to deliver a complex project like this which will be a first in our sector. With Aston University’s extensive expertise in AI and Machine Learning to lead and advise us, the partnership will deliver new tools and ways of working that will transform our business into a forward-thinking provider.”

Furthermore, the project plans to implement a rapid report generator employing natural language processing which will facilitate the creation of user-friendly chatbots. These chatbots are expected to provide coherent, human-like responses to user inquiries, thereby improving customer interaction and experience.

Professor Abdul Sadka, Director of the Sir Peter Rigby Digital Futures Institute at Aston University, highlighted the significance of this project in contributing to the broader spectrum of digital transformation, stating, “As an institute that applies digital technologies to tackle automation and transformation challenges for businesses, this KTP is an exciting addition to our portfolio of collaborative projects. We’ll be bringing together expertise from across the university to fully embrace and exploit AI, applying our research to new domains and creating new innovation models.”

The Sir Peter Rigby Digital Futures Institute aims to foster advancements in digital transformation across varying sectors, harnessing collaborative efforts to achieve economic and social benefits, particularly in the Birmingham area and the wider West Midlands.

The collaboration is not only set to enhance NetWatch’s operational capabilities but is also expected to create a more competitive and cost-efficient business model. As the KTP initiative progresses, it could pave the way for the company to penetrate new markets whilst significantly improving the efficiency of its services.

Drawn from the UK-wide KTP programme, which is designed to help businesses enhance their productivity through effective knowledge and technology utilisation, this partnership exemplifies how academia and industry can cohesively work towards innovation and operational excellence.

Source: Noah Wire Services