“ We need to be aware of ‘ old favourites ’, while also keeping our finger on the pulse to try and identify new , upcoming tricks ”
CLARE LUNN HEAD OF FRAUD , MARKERSTUDY
What can insurers do to counter insurance fraud and fight back against stereotypes ? Nigel Cannings of Intelligent Voice shares his thoughts on how insurers can utilise technology to help improve their effectiveness in spotting and tackling fraud : “ There are a number of ways in which technology can help . Recent advances in biometric technology have greatly enhanced the ability to detect multiple identity fraud , where the same caller makes repeated fraudulent claims using different identities .
“ There has been a lot of noise in the press about ChatGPT recently , which has highlighted the effectiveness of Natural Language Processing technology to a wider audience . However , the underlying technology of Large Language Models has been used increasingly in the insurance space for some time now to improve the understanding of interactions between agents and claimants in the call centre – to assess emotion , sentiment , and deception . But this new focus on ChatGPT runs the risk of companies forgetting about issues such as data protection and security , as a lot of cloud NLP APIs do not necessarily give the type of GDPR and similar protections that can be given by specialist providers .”
Technologies like artificial intelligence ( AI ), machine learning ( ML ) models , voiceto-text , and optical character recognition ( OCR ) can all help insurers to monitor claims without intervening too heavily in the customer experience .
Ultimately , insurers can not afford to go too far and undo the progress they have made in improving digital journey flows . After all , consumers still expect a claims flow that is simple , seamless , and doesn ’ t automatically treat them like a criminal . Nevertheless , it is clear that the industry must be on guard right now in the face of both the volume and sophistication of fraud increasing .
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