Fraud Prevention: How AI is Helping UK Insurers

A I • May 25,2024

A leading UK insurance firm faced challenges with repetitive tasks, fraud detection, and customer experience. They implemented AI-powered technology, achieving significant results: £113 million in fraud detection, reduced manual work, and faster claim resolution, paving the way for a more personalized customer experience.

Client:

With a rich heritage spanning over 320 years, Aviva PLC is the UK’s leading provider of insurance, wealth management, and retirement solutions. Aviva leverages artificial intelligence (AI) to enhance customer service, boost efficiency, and make better decisions.

Problem Statement:

● Repetitive Tasks: Streamlining document processing and information extraction to free up staff for more strategic tasks.
● Fraud Detection: Identifying and preventing fraudulent insurance claims within a large volume of data.
● Improved Customer Experience: Enhancing efficiency and personalization of customer service by automating repetitive processes.

Results:

☑️ £113M in Fraud Detected: AI helped uncover massive fraudulent claims, protecting both Aviva and customers.
☑️ Reduced Manual Work: Automation freed up staff for more strategic tasks.
☑️ Improved Customer Experience: Faster claim resolution and more personalized service are likely outcomes.

AI Solution:

To address these challenges, Aviva implemented Tungsten TotalAgility, a technology that utilizes Optical Character Recognition (OCR) and potentially Natural Language Processing (NLP).

Aviva leveraged Tungsten TotalAgility’s capabilities across several key areas to address their challenges:

Fraud Detection: Tungsten TotalAgility utilizes AI and machine learning to analyze claims data and identify suspicious patterns or anomalies. The solution’s OCR technology efficiently extracts data from submitted documents, while NLP analyzes text for inconsistencies, red flags, or unusual phrasing, aiding in pinpointing potential fraud.

Streamlined Processes: Aviva utilized Tungsten TotalAgility’s automation capabilities to streamline the end-to-end insurance claim process, automating tasks like data entry and document verification. This automation reduced manual errors, accelerated claim settlement times, and freed up staff for more complex tasks.

Improved Customer Service: By automating repetitive tasks, Aviva expedited claim processing and provided more personalized attention to customer needs, leading to a better customer experience.