Industry, AI experts work on fraud alert tool to tackle organised crooks
The Insurance Council of Australia has formed a tech partnership to build an industry fraud detection and investigation platform.
The tool, expected to be in operation early next year, will use advanced data analytics to alert fraud investigators to suspicious activity in real time.
ICA says insurers will use it to collaborate on investigations into organised fraud and to act against prolific scammers.
The platform will be developed with artificial intelligence specialist Shift Technology and data and AI company EXL, and be delivered in co-ordination with ICA’s anti-fraud division the Insurance Crime Intelligence Network of Australia.
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Network CEO Andrew Gill says fraudsters have adapted to the industry’s digital transformation and organised criminals exploit online services with increasing sophistication.
To fight back, participating insurers will share data using privacy-preserving techniques, strict role-based access controls and end-to-end encryption.
Shift Technology CEO Jeremy Jawish says businesses are “stronger together when it comes to fighting organised insurance fraud”, which is felt by the entire industry.
EXL chief growth officer and head of international markets Vishal Chhibbar says the platform will give insurers a seamless, cost-effective way to identify and respond to organised fraud.