AXA Gulf, which was recently acquired by GIG (Gulf Insurance Group), has announced a plan to introduce proactive artificial intelligence-based fraud-prevention services in collaboration with MOTORI, to identify fraudulent automobile insurance claims and automatically evaluate the risks for new clients.
AXA Gulf partnered with MOTORI, an Insurtech firm, on a new UAE-based project that allows insurers to quickly evaluate the risk of new clients, including detailed study of their claims history, car values, and accident history. This extra information will help AXA Gulf detect possible fraudsters as well as exaggerated or bogus auto claims throughout the area, where insurance fraud is a multi-million-dollar problem.
Commenting on the new initiative, Franck Heimburger, Chief Personal Lines Officer at AXA Gulf said: “Insurance fraud is not a victimless crime. The costs associated with fraud are borne by honest customers whose premiums go towards meeting the costs of claims. We believe we should do everything we can to protect ourselves and our customers from those fraudsters who would deliberately and dishonestly seek to take advantage of the service we provide.
“By embracing the technology available to us via MOTORI, we are taking a more aggressive approach to the issue of fraud, supporting the valuable work done by law enforcement and ensuring that customers’ premiums are fair and more affordable.”
MOTORI will give a risk score to AXA Gulf, assisting the insurer in assessing claims and detecting fraud by analysing the vehicle’s history both inside and outside the nation, as well as the owner’s and driver’s accident history.
AXA Gulf will employ MOTORI AI technology to assess the risk score for the vehicle chassis and Traffic Code Number (TCN), and will obtain a score indicating whether the degree of risk is low, medium, high, or critical based on data about the car and its owner. Similarly, in the case of a claim, the insurer will receive a score representing the amount of risk based on the accident facts when submitting the claim.
Ahmed Eissa, CEO of MOTORI, said: “MOTORI was established in Masdar City, UAE, and is one of the most innovative services providers of smart digital services for the region’s insurance sector. We are pleased to have such a strategic partnership with AXA Gulf and to be given the opportunity to contribute to their services. We aim to help the motor insurance industry identify potential incidents of fraud with an innovative solution based on Artificial Intelligence. This will protect the insurance companies from any potential fraud and provide high quality of services to their customers.”
