The Insurance Fraud Bureau has announced a partnership with Shift Technology to build an AI-powered fraud detection system for the UK insurance sector. The new platform is scheduled to be delivered in 2022. The IFB said insurance fraud cost the UK economy £3bn annually.

Ben Fletcher, director of the IFB, said: "Our world is becoming increasingly automated and criminals are quickly adapting the way they carry out insurance scams. In the fast-changing world of fraud, we must do more to protect businesses and the public from its devastating impact. Our partnership with Shift Technology will support these ambitions by enabling our counter-fraud services to evolve and become even more intuitive and efficient.”

Jeremy Jawish, CEO of Shift Technology, added: “We will work side-by-side with the IFB and its members over the coming months to build a fraud detection solution which not only uncovers cross-industry fraud today but continues to evolve to the ever-changing fraud landscape in years to come. That’s the beauty of AI - we have a living, breathing machine which thinks and adapts to the changing world around it.”

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