Allianz Announces Partnership With Clearspeed
Allianz’s personal lines business saw a significant increase of 29% in its efforts to prevent fraud in 2023 compared to the previous year. This covers various types of insurance fraud, including motor and home claims, application fraud, and the alarming trend of ghost brokers using deceptive tactics to trap unsuspecting victims into fake insurance schemes.
Fraud is constantly evolving, so fraudsters are adapting quickly to exploit new opportunities.
This includes emerging scams like moped "crash for cash" fraud and the use of shallow fakes, where apps distort real-life images, videos, and documents. Incidents involving the manipulation of media through apps surged by 300% from 2022 to 2023, indicating a potential major threat to the insurance sector.
Fraud detection and new media
In an illustrative case, someone's social media picture of their van was misused for a fraudulent insurance claim, where the fraudsters edited the image to show damage from a non-existent accident.
LV=, the insurer, detected the discrepancy between the image submitted and the one on social media, highlighting the importance of vigilance in detecting such fraudulent activities.
The insurance industry not only faces challenges from photo editing but also from emerging technologies like AI and deep fakes. To tackle these evolving threats, Allianz’s personal lines business is enhancing its fraud prevention measures.
It is partnering with Clearspeed, a voice analytics tool, to bolster fraud detection and expedite genuine customer claim processing.
Clearspeed's technology not only identifies potential fraudsters but also provides valuable insights to optimise resource allocation and enhance customer experience.
Ben Fletcher, Director of Financial Crime at Allianz’s personal lines business comments: “Here at Allianz we remain committed to combatting fraud and safeguarding the interests of our honest and loyal customers.
"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.”
Alex Martin, CEO of Clearspeed adds: “Allianz is a world-class organisation and we’re 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’s never been a better time to reimagine the claims process.”
“At our core, we believe the key to better-identifying risk and preventing fraud is by enabling trust. This paradigm shift is critical to transforming the insurance industry to meet the challenges of today’s world.
"We can uniquely address that need without trading off between customer satisfaction and risk detection, leaning into greater precision and actionable insights.”
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