Allianz has shaped a partnership with Clearspeed to bolster its fraud detection capabilities and expedite the processing of respectable buyer claims within the UK.
Clearspeed makes use of voice analytics know-how to help in recognizing potential fraudsters.
It additionally provides insights to prioritise duties, enhance decision-making and improve buyer expertise.
The partnership with Clearspeed comes at a time when the insurance coverage sector is witnessing a surge in misleading practices, together with the rising pattern of ‘crash for money’ fraud involving mopeds and the rise of ‘shallow fakes’ – manipulated pictures, movies and paperwork.
In line with Allianz, incidents involving such apps have skyrocketed by 300% from 2022 into 2023, indicating a big rising menace to the trade.
Allianz private traces enterprise director of monetary crime Ben Fletcher mentioned: “Right here at Allianz we stay dedicated to combatting fraud and safeguarding the pursuits of our trustworthy and constant prospects.
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“Our elevated fraud detection charge in 2023 displays how critically we take this situation and our partnership with Clearspeed is the following step in our formidable plans to reinforce our fraud prevention measures. I stay up for a collaborative and efficient partnership to additional stop insurance coverage fraud and crime.”
Clearspeed CEO Alex Martin mentioned: “Allianz is a world-class organisation and we’re thrilled to announce our partnership with them as we broaden our footprint within the UK insurance coverage market.
“In an more and more complicated threat atmosphere, with accelerating buyer expertise expectations, there has by no means been a greater time to reimagine the claims course of.”
With the fast evolution of fraudulent techniques posing substantial dangers to shoppers within the UK, Allianz’s private traces enterprise is actively enhancing its present controls to fight these challenges.
In December 2023, Allianz’s UK unit launched an AI instrument named Incognito, designed to determine doubtlessly fraudulent insurance coverage claims.
Developed in collaboration with Allianz’s operations specialists, Incognito utilises AI to flag suspicious claims, that are then meticulously analysed and investigated by a devoted fraud specialist.
