Peterborough firm harnesses artificial intelligence to counter insurance fraud
A leading Peterborough company is using artificial intelligence to uncover fraudulent insurance claims that cost thousands of pounds a year.
Digital distributor of insurance and financial services, the BGL Group, based in Bakewell Road, Orton Southgate, has invested a substantial sum into the development of the innovative counter fraud technology.
The new system uses artificial intelligence and machine learning to help BGL’s investigators identify criminal activity.
It follows years of research between BGL’s own data scientists and its fraud investigation team.
And it builds on the company’s existing counter fraud capability such as card verification, blocking of discrete information related to known fraud, as well as intelligent ‘point of quote’ and post-sale checks.
The development will help ongoing work to keep down the amount genuine customers pay for their policies.
Peter Thompson, BGL’s chief executive for insurance, distribution and outsourcing, said: “The use of artificial intelligence has the potential to propel the insurance industry into a truly digital arena.
“Its application in areas such as counter-fraud, demonstrates its ability to have a significant and positive impact on both customers and the market as a whole.”
“The counter fraud capability we have developed across the Group has already demonstrably reduced our insurers’ loss ratios.”
BGL has more than 10 million customers and it is estimated that the average value of a detected motor insurance fraudulent claim is more than £12,000 - which has a significant impacts on the price a genuine customer will pay for a policy.