Allianz has formed a partnership with Clearspeed to bolster its fraud detection capabilities and expedite the processing of legitimate customer claims in the UK.
Clearspeed uses voice analytics technology to assist in spotting possible fraudsters.
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It also offers insights to prioritise tasks, improve decision-making and enhance customer experience.
The partnership with Clearspeed comes at a time when the insurance sector is witnessing a surge in deceptive practices, including the growing trend of ‘crash for cash’ fraud involving mopeds and the rise of ‘shallow fakes’ – manipulated images, videos and documents.
According to Allianz, incidents involving such apps have skyrocketed by 300% from 2022 into 2023, indicating a significant emerging threat to the industry.
Allianz personal lines business director of financial crime Ben Fletcher said: “Here at Allianz we remain committed to combatting fraud and safeguarding the interests of our honest and loyal customers.
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By GlobalData“Our increased fraud detection rate in 2023 reflects how seriously we take this issue and our partnership with Clearspeed is the next step in our ambitious plans to enhance our fraud prevention measures. I look forward to a collaborative and effective partnership to further prevent insurance fraud and crime.”
Clearspeed CEO Alex Martin said: “Allianz is a world-class organisation and we are thrilled to announce our partnership with them as we expand our footprint in the UK insurance market.
“In an increasingly complex risk environment, with accelerating customer experience expectations, there has never been a better time to reimagine the claims process.”
With the rapid evolution of fraudulent tactics posing substantial risks to consumers in the UK, Allianz’s personal lines business is actively enhancing its existing controls to combat these challenges.
In December 2023, Allianz’s UK unit introduced an AI tool named Incognito, designed to identify potentially fraudulent insurance claims.
Developed in collaboration with Allianz’s operations specialists, Incognito utilises AI to flag suspicious claims, which are then meticulously analysed and investigated by a dedicated fraud specialist.
