Insurance Times Awards 2024: MLP seeks to ‘boost weaponry available to insurers and brokers’ in the fight against fraud

1. Why did you put yourselves forward for the Excellence in Fraud Mitigation – Service Provider category?

There is lots of exciting work going on with machine learning. As I write, Geoffrey Hinton and John Hopfield have been awarded the Nobel Prize for Physics for their work on artificial intelligence and machine learning, which shows how pioneering the technology is.

At Machine Learning Programs (MLP), we’ve brought the technology to insurance. We believe it has huge potential to help this data-led industry and we’ve already achieved some exciting results for our partners. We felt it was time to shout about our successes.

Our Propensity to Defraud model is performing brilliantly and helping brokers fight a key industry issue.

2. What do you think makes your entry stand out and why should you win the award?

We know the industry is always looking to see what it can do to fight fraud. It is, after all, a billion pound problem.

We believe our models use data in a new way which really boosts the weaponry available to insurers and brokers in their fight against fraud.

Essentially, our model uses more data than ever before, and more up-to-date analysis techniques, to help predict who is most likely to commit fraud.

Ultimately, it means fewer fraudsters end up on the books of insurers, which saves money for the industry and genuine customers – it’s a win-win for all.

3. What would winning this award mean to you and your firm?

Recognition for the years of work and research we have put into this would be amazing. We really believe in our Propensity to Defraud model and our data scientists and experts have worked incredibly hard to bring it to the market.

It would be wonderful to see that work acknowledged and recognition for just how influential machine learning can be in the insurance industry would also be a boost. We can’t wait to celebrate our nomination on the night!