Insurance fraud is on the rise, which is estimated to cost the average US family $400-700 per year in increased premiums as per the FBI. Additionally, in the UK, insurance fraud is expected to surge by up to 40 percent in 2023. Meanwhile, customers expect quick and easy access to services, including insurance. However, when filing a claim, customers do not always receive speedy, straightforward service even though their expectations are high. To respond to these challenges and deliver better customer experiences, insurers need faster and better decision-making processes that are efficient and secure.
Although fraud detection tools are highly effective in recognising and predicting fraud based on established patterns, there has been a rise in opportunistic fraud in today’s macroeconomic climate and increased living costs. Fraud models currently in use do not recognise this type of fraud, which makes it challenging for insurers to address. To address these shortcomings, Clearspeed offers AI-powered voice analytics that allow insurers to assess the risk of fraud by asking customers a set of short and straightforward yes/no questions in any language. This way, claims with low risk can be fast-tracked, and high-risk claims can be flagged for additional scrutiny. By using Clearspeed voice analytics, insurers can process most legitimate claims quickly and efficiently, providing customers with a better experience without increasing the risk of fraud. Additionally, adjusters can focus on high-risk claims that require expert follow-up. The integration of technology and human expertise elevates the claims experience for policyholders, resulting in operational efficiency gains, improved customer experience, and reduced fraud losses for insurers and their partners.
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