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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