Allianz has integrated AI technology into its claims processes in an attempt to combat fraud. The insurer has developed a machine-learning tool called Incognito, designed to identify fraudulent claims, which are then referred to a fraud expert for review and investigation.
Since its development, Allianz says the claims identified have saved £1.7m to date with a further £3.4m held in claim reserves pending conclusion of the investigations.
James Burge, head of counter-fraud at Allianz Commercial, said: “The development of ‘Incognito’ has ensured that we enhance the market-leading service that we provide to our customers. We have been able to settle claims quicker and identify fraud at the earliest opportunity.”
The firm points out that the wider industry is experiencing changing volumes, values and types of fraud being perpetrated by ever more sophisticated fraudsters, making tools such as these an important part of Allianz’s fraud prevention strategy.
The huge growth in the use of artificial intelligence, robotics, animation, and the sophistication behind these technologies has meant that impact from an ethical, legal, and regulatory standpoint had to be considered. Allianz says its risk and regulatory teams formed an important part of the project team to ensure compliance at each stage.
Alex Sorrie, head of claims data at Allianz Commercial, said: “The success of Incognito is shown through its cost-saving approach, consistent fraud detection rate over time, automation capabilities, and regulatory compliance. Our partnership-driven approach and use of technology has set a new blueprint for combatting fraud and protecting our genuine customers and their premiums.”
