With claims fraud on the rise, AI-powered voice analytics are helping insurers meet customer expectations

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We expect instant gratification - even in insurance (iStock)

Clearspeed is a Business Reporter client.

We’re seeing insurance fraud on the rise. Consider that the  FBI estimates  that insurance fraud costs the average US family $400-700 per year in increased premiums, while in the UK insurance fraud is anticipated  to rise by up to 40 per cent in 2023. 

At the same time, customer expectations are also increasing. In this era of instant gratification where people expect anywhere, anytime availability – whether for banking, ridesharing or television or anything else, insurance is no exception. 

When a person files a claim, it is a moment of truth with their insurance provider, and expectations of speedy, straightforward service couldn’t be higher. But they aren’t always met. Insurers need a way to make better, faster decisions so they can be more efficient, boost speed to payment, and deliver a better customer experience without increasing the risk of fraud. 

The rise of opportunistic fraud

Today’s fraud detection tools, based on extensive data modelling, are designed to detect and even predict fraud based on established patterns, and are highly effective at doing so. However, we’re seeing an uptick in opportunistic fraud, where regular people, in response to the pressures of today’s macroeconomic climate and the rising cost of living, may decide to submit a fraudulent claim, even if it’s simply for an inflated amount. 

Current fraud detection models don’t recognise this fraud because it’s not patterned. As a result, insurers face the challenge of addressing the growing amount of opportunistic fraud. 

A new approach to voice analytics 

With Clearspeed’s AI-powered voice analytics, insurers can assess the risk of fraud in a claim by simply asking customers a short set of yes/no questions. Low-risk claims can be fasttracked, while alerts flag high-risk claims for additional follow-up.

Available in any language, at any time, every customer receives a consistent experience that is entirely objective and unbiased – and no patterns are required to inform the assessment. With Clearspeed voice analytics, insurers don’t have to trade-off between speed and security. Instead, they can quickly and confidently clear most legitimate claims, delighting their customers without increasing their risk of fraud. In addition, the ability to flag high-risk claims allows adjusters to focus on the cases that require expert follow-up. With Clearspeed, insurers can bring technology together with human expertise to further elevate the claims experience for policy holders. 

Lower fraud and boost the customer experience

With this new voice analytics capability added to the claims process, insurers and their partners are seeing operational efficiency gains, customer experience boosts and reduced fraud losses.

Clearspeed is a highly effective part of the ecosystem supporting insurers innavigating today’s changing landscape. Watch the full interview to learn how Clearspeed voice analytics are helping insurers assess claims risk quickly and accurately for a better customer experience. 

Learn how Clearspeed voice analytics are helping insurers assess claims risk quickly and accurately for a better customer experience.