ICICI Lombard, a leading private general insurance company in India, has partnered with Clearspeed, a global leader in voice-based risk assessment technology, to address the issue of fraudulent insurance claims in the country. The partnership, facilitated by channel partner Aelius, aims to tackle the problem of motor theft claims, which is a significant concern in the Indian market. Some individuals take advantage of this by filing false claims, and this partnership seeks to prevent such fraud.
The risk management solution, which was successfully piloted on motor theft claims, uses Clearspeed’s innovative approach to risk assessment. This approach differs from traditional methods, which rely on extensive documentation validation, subjective evaluations, and lengthy processing times. Clearspeed’s solution provides real-time insights, enabling faster settlements, and is bias-free, operating independently of historical data or predictive models. Additionally, it is frictionless, removing cumbersome steps for genuine customers.
According to Nazeem Khan, Head of Motor Third Party Claims and Litigation at ICICI Lombard, this partnership aligns with the company’s fraud prevention model, which has been developed and refined over the years. By integrating Clearspeed’s technology with ICICI Lombard’s expertise in the Indian insurance market, the company aims to address fraudulent claims while ensuring that genuine customers receive timely settlements.
Clearspeed’s CEO, Alex Martin, expressed excitement about the partnership, citing the company’s success in supporting large global insurance carriers in the UK and US. These collaborations have resulted in a 50% reduction in average claims handling time and a 40% increase in immediate settlements to claimants. The initial focus of the partnership will be on motor theft claims, with plans to expand to other insurance lines in the future.
The partnership is expected to bring significant benefits to ICICI Lombard and its customers. By leveraging Clearspeed’s technology, the company can expedite the processing of motor theft claims, reducing the time and effort required to settle genuine claims. This, in turn, will enhance the overall customer experience, ensuring that those with legitimate claims receive timely and efficient service. With this collaboration, ICICI Lombard is taking a significant step towards addressing the issue of fraudulent claims and maintaining its excellent customer experience ratings.