Allianz joins forces with Clearspeed to tackle fraud

The insurance industry is no stranger to the challenges posed by fraudulent activities. Allianz’s latest move to partner with Clearspeed promises to be a game-changer for insurance fraud detection in the UK. This collaboration is set to revolutionise the way insurance fraud is detected and handled, ensuring the protection of honest customers and the integrity of the insurance process.

Fraudsters are continually evolving their tactics, employing sophisticated scams such as moped “crash for cash” schemes and the creation of shallow fakes, where apps distort real-life images, videos, and documents. Specifically, incidents involving the manipulation of media through apps surged by 300% from 2022 to 2023, indicating a potential major threat to the insurance sector.

Allianz’s personal lines business reported a staggering 29% increase in fraud prevention in 2023, a clear indication of the escalating threat. This spans all types of insurance fraud from motor claims, home claims and application fraud, and the notable rise of ghost brokers and their tactics to lure innocent victims into a fake insurance policy.

The partnership with Clearspeed is a proactive response to these emerging challenges, leveraging voice analytics technology to enhance the detection of fraudulent activities.

Ben Fletcher, Director of Financial Crime at Allianz’s personal lines business, highlighted the company’s commitment to combating fraud: ” 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’s technology not only identifies potential fraudsters but also provides actionable insights that optimise resource allocation and enhance the customer experience.

Clearspeed’s CEO, Alex Martin, also comments on the partnership: ” 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.”

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