– IFB’s new system will launch in early 2022 and will use Artificial Intelligence (AI).
– With technology and fraud evolving faster than ever, the IFB and Shift’s partnership is set to be a game-changer in helping to detect and prevent organised insurance fraud
The Insurance Fraud Bureau (IFB) has announced a partnership with Shift Technology to build a powerful, new fraud detection system on behalf of the UK insurance sector.
Currently one insurance scam takes place each minute in the UK, devastating countless victims and costing the economy over £3 billion a year.
With insurance services becoming faster and increasingly digitised, so too are the tactics of fraudsters. To ensure the IFB remains cutting-edge in the fight against organised insurance fraud, it has partnered with Shift Technology to build a solution using AI. The new platform, which will be delivered in early 2022, will see the AI ‘learn and grow’ as it adapts to the evolving threat of organised insurance fraud networks, with the capability to alert fraud investigators to suspicious activity in real-time.
Ben Fletcher, Director of the IFB, said: “Our world is becoming increasingly automated and criminals are quickly adapting the way they carry out insurance scams. In the fast-changing world of fraud, we must do more to protect businesses and the public from its devastating impact. Our partnership with Shift Technology will support these ambitions by enabling our counter-fraud services to evolve and become even more intuitive and efficient”.
Read More: Gilded Launches Mass Pay, Enabling Businesses to Pay Employees in Crypto
The IFB is a not-for-profit organisation at the heart of the UK’s fight against insurance fraud. Each year, it takes on over 100 new investigations into complex fraud networks to bring criminals to justice and circulates thousands of intelligence alerts to the insurance industry.
As fraudsters move away from traditional insurance scams to more complex schemes linked to cyber-crime and identity theft, technological innovations have never been more vital.
Sadly, the economic impact of Covid-19 could also inspire new waves and variants of fraudulent activity. With challenges to the fraud landscape rapidly evolving, Shift’s SaaS-based, adaptive AI platform is the next step and will enhance the industry’s fight against organised insurance fraud.
Read More: Clearbanc Rebrands to Clearco, Announces US$100 Million Series C Funding
Jeremy Jawish, CEO of Shift Technology welcomed the ‘landmark partnership’ with the IFB: “The IFB is an iconic institution and an amazing reputation for helping the UK insurance industry mitigate the impact of fraud, benefitting both insurers and policyholders alike. Shift is honoured to now be an integral part of those efforts.”
Delivering AI-powered fraud detection and claims automation solutions to insurers around the globe, Shift Technology has a proven track record in delivering industry scale counter-fraud platforms for insurance consortia in Canada, France, Hong Kong, and Singapore.
Working alongside more than 100 insurers worldwide to deliver fraud detection solutions, the Shift team brings a wealth of global experience to the IFB project. For the IFB partnership, Shift will analyse millions of policies and claims records from industry databases to help expose organised insurance fraud networks.
Jeremy Jawish continued: “We will work side-by-side with the IFB and its members over the coming months to build a fraud detection solution which not only uncovers cross-industry fraud today but continues to evolve to the ever-changing fraud landscape in years to come. That’s the beauty of AI – we have a living, breathing machine which thinks and adapts to the changing world around it.”
Read More: Amalgamated Bank Helps Launch Net Zero Banking Alliance
