BGL Group announced the launch of counter fraud ‘pre-sale’ technology that uses artificial intelligence and machine learning to identify criminal activity.
This technology is the result of years of collaborative research between BGL’s data scientists and the Groups’ dedicated fraud investigation team and builds on BGL’s existing counter fraud capability which includes preventative measures such as card verification, blocking of discrete information related to known fraud, as well as intelligent ‘point of quote’ and post-sale checks. The resulting model can analyze large volumes of data at speed and will complement the work of BGL’s investigators. In the last two years, BGL saved more than £1.5 million on marketing costs alone by identifying fake policies. In addition, due to the customer volumes, the Group manages across multiple brands, it has been able to remove over 90% of fraudulent policies ahead of an insurer accepting the risk. This latest development aims to improve this even further. “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.” – Peter Thompson, BGL Group’s Chief Executive Officer for Insurance, Distribution and Outsourcing. Founded in 1992, BGL is an international insurance distributor; operating brands such as utility and insurance comparison site Compare the Market, life insurance agency Beagle Street and Budget Insurance. The company is owned in part by the Steyn family and the Enthoven family. The latter owns the Hollard Group of insurance companies.
Source: Coverager
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