Gareth Evans, Head of Customer Success UK at Shift, shares how a combination of artificial intelligence and human experience is going to resolve the ever-evolving problem of detecting and preventing insurance fraud.
Travel insurance has long been an ‘easy target’ for fraudsters. According to the Association of British Insurers (ABI), there were only 770 detected cases of travel insurance fraud in the UK in 2020 amounting to £1.8 million. Even though this was during the pandemic, this figure is proportionally very low compared to motor insurance for example, where there were over 55,000 cases. Facing potential multi-million-pound losses, it’s no surprise that insurers invest significant resources in detecting fraud and protecting their financial interests.