The Insurance Fraud Bureau (IFB) and Shift Technology today announce that IFB Exploration – an AI counter-fraud solution designed for UK insurers – has gone live. IFB Exploration will utilise artificial intelligence to enable the collective insurance industry to detect suspicious activity and organised fraud as it emerges. With millions of insurance records now being interrogated on a regular basis, insurers have their fraud defenses significantly enhanced, making insurance services safer and fairer for all.
Early adoption of the solution is already demonstrating an increase in IFB’s detection capability on behalf of the UK insurance industry, with the system anticipated to further strengthen as the AI learns and adapts.
IFB Exploration provides advanced network detection capabilities across motor, property and liability lines of business. It allows IFB members to remotely access the industry’s transactional data set, focusing on at-risk entities and networks that potentially link to organised fraud and gain contextual insights as they emerge. It is also expected that the platform will mean counter-fraud teams can reduce the amount of time they spend manually looking for patterns of fraudulent activity, enabling a greater focus on executing operational responses.