ILC ARTICLE

Clearspeed helping insurers expedite claims as fraud rises

2nd September 2022

As the cost-of-living pressures continue to mount, fraudulent claims activity is heightened causing a disruptive ripple effect for valid claimants that degrades their customer experience and ability to get paid faster.

Clearspeed voice analytics integrates into claims processed to more accurately fast track these valid claims while helping insurers to identify fraud risk early.

Clearspeed’s technology identifies and pinpoints risk in speech. Responses to simple automated voice questionnaires are scored without bias from low risk to high with an accuracy of greater than 97%. The resulting risk profile helps to separate the majority of applicants, claimants, vendors, partners and others who are trustworthy and provide them with expedited or enhanced services.

In recent months, the likes of Aviva and Zurich have both reported rising fraudulent claims activity citing economic pressures as a possible influence.

Alex Martin, CEO of Clearspeed, said, “We recognize the growing consumer expectations around speed and experience, as well as the increasing rates of fraud. Our focus is on supporting our customers in meeting these challenges with our innovative, yet simple risk assessment capability. Clearspeed voice analytics helps people quickly identify risk so they can make better, faster decisions – ultimately boosting efficiency, reducing costs and enhancing experiences.”

Clearspeed is promoting its technology in a double ILC event and awareness campaign during September as a Silver Sponsor of ClaimsTech (15 September) and a Gold Sponsor of the MGA Claims events (28 September). Representatives from the company will be on hand during both events to discuss its technology.

The company is also hosting its own drinks reception on 14 September – to find out more and secure a spot click here. 

Alex continued, “For insurance, our technology allows the majority of policyholders to enjoy faster resolution of their claims, while also helping insurers focus expensive investigative resources on the few cases that truly warrant the expense.”

Follow the links to find out more or book a ticket to ClaimsTech or the MGA Claims Conference.