Zurich UK invests in new AI and automation technology to combat claims fraud
27 June 2023: 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 more rapid intelligence process that uses fewer resources, Zurich can make faster, better informed decisions. Previously, investigating suspicious claims was a slow and manual process. Zurich used a number of 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.
“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.“Scott Clayton, Head of Claims Fraud at Zurich
“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.”Chris Green, CEO at Xapien
Founded by deep technology experts with decades of experience in deep technology, intelligence and financial crime, Xapien applies cutting edge artificial intelligence and natural language processing 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.
For more information visit www.xapien.com or follow us on LinkedIn
Zurich UK provides a suite of general insurance and life insurance products to retail and corporate customers. We supply personal, commercial and local authority insurance through a number of distribution channels, and offer a range of protection policies available online and through financial intermediaries for the retail market and via employee benefit consultants for the corporate market. Based in a number of locations across the UK – with large sites in Birmingham, Farnborough, Glasgow, London, Swindon and Whiteley – Zurich employs approximately 4,500 people in the UK. https://www.zurich.co.uk/
Zurich Insurance Group is a leading multi-line insurer serving people and businesses in more than 200 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.
Reflecting its purpose to ‘create a brighter future together’, Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.
The Group has about 60,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com
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