BGL launches pre-sale AI counter fraud technology

BGL Group has launched AI technology to weed out fraudulent motor insurance policies before they go on risk.

BGL Group’s in-house data scientists have developed a bespoke algorithm which uses AI and machine learning to identify criminal activity.

Peter Thompson, BGL Group’s chief executive officer for insurance, distribution and outsourcing, said: “The counter fraud capability we have developed across the group has already demonstrably reduced our insurers’ loss ratios. With over 10 million customers, the insight we hold allows us to really deliver comprehensive and market-leading insight for our partners.

“As an industry, we’ve certainly come a long way in how we detect, capture and manage fraud, but so too have the criminals which is why it’s vital to continue investing in counter fraud capability.

“The use of artificial intelligence has the potential to propel the insurance industry into a truly digital arena and 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.”

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