Veridox has raised £1m to support the launch of its AI-powered forensic document and image manipulation analysis platform for insurers. The platform assesses all documentation related to a claim and generates a report on where potential fraud exists and why an issue needs further investigation.

The platform generates reports that are compliant with CPR 35, which sets out the requirements for expert evidence in civil proceedings in England and Wales.

Dan Sandler, founder of Veridox, said: “Document and image fraud is no new challenge for insurers; we can only estimate what the real cost of it is because so many successful fraudulent claims naturally go undetected. What we do know is that AI is enabling even ‘novices’ to produce more convincing fakes, which typically require intensive manual analysis by fraud investigators to uncover.

“Our mission is to help insurers make more informed decisions on fraud faster, which we do by offering reasoning behind why a document presents a risk of fraud to guide their investigation. This explainability sets us apart, and our development partners are already seeing the benefits. So, we look forward to using our funding to bring the Veridox platform to the general market.”