LONDON, June 27, 2023 /PRNewswire/ -- Zurich UK is investing in the latest Artificial Intelligence (AI) and Natural Language Processing (NLP) technologies to drive major efficiencies in fighting claims fraud.
The insurer has partnered with Xapien to automate its research and intelligence gathering process, enabling it to establish and validate background information in minutes, not days.
The move comes as the cost of living crisis spurs a surge in bogus claims. Last year, Zurich detected a 31% increase in fraudulent property claims and a 7% rise in fake casualty claims. Overall, Zurich foiled £71.5million in fraud, averaging £195,890 a day.
With a rapid, resource-light intelligence process, Zurich can make faster, better informed decisions.
Previously, investigating suspicious claims was a slow and manual process. Zurich used several separate databases, and results had to be manually checked one by one.
Xapien's technology highlights corporate records, insolvencies, struggling companies and other corporate risks. Critically, every piece of information provided is fully sourced, providing reassurance for claims investigators and decision makers alike.
Deep linguistic technology also identifies non-obvious links through complex corporate structures and extracts valuable insights buried deep in text.
Scott Clayton, Head of Claims Fraud at Zurich, said: "Fraudsters are continually evolving their methods, but so are we, and by using the latest AI-powered technology we can better protect our business and customers from the effects of fraud.
"It is crucial that we stay one step ahead of fraudsters. By investing in the AI and automation technology, we can prevent fraud more efficiently and free up our teams to spend more time supporting customers with legitimate claims."
Chris Green, Xapien's CEO, said: "Zurich's open innovative approach to traditional business challenges has helped us to shape a product that drives tangible results for global organisations. The partnership is an important step in our journey to help the world do better business."
About Xapien
Founded by deep technology experts with decades of experience in deep technology, intelligence and financial crime, Xapien applies cutting edge AI and NLP to deliver on-demand research for businesses seeking to truly understand their third parties.
Xapien's SaaS platform is transforming how the world deals with third parties. It enables anyone to know who they are in business with, a capability available until now only to organisations with significant resources.
Visit www.xapien.com follow us on LinkedIn
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