Clearspeed Announces Partnership With RSA Insurance to Combat Fraud

Barchart · 10/16 03:00

Clearspeed, the leading provider of AI-powered risk assessment technology for enterprise organizations, today announced a partnership with RSA Insurance, providing its voice analytics solution to improve fraud detection, to support a more efficient claims process, and drive an improved customer experience.

With opportunistic and AI-augmented fraud increasing dramatically, while consumer expectations for faster, simpler claims settlements also rise, accelerating workflows through automation and advanced technologies is a key area of investment. By leveraging Clearspeed’s risk assessment technology, RSA is able to more quickly and confidently identify potential fraud during the claims process, complementing the robust fraud mitigation efforts already in place.

“Clearspeed’s partnership with RSA exemplifies our ability to provide actionable risk insights that support global growth and strategic agility,” says Manjit Rana, EVP - UK, EMEA, & APAC at Clearspeed. “With RSA, we’re combining the best of technical innovation with human intelligence to mitigate fraud from the outset. This enhances the customer experience for brokers, insureds, and insurers through every step of the claims process.”

Since the start of its partnership with Clearspeed, RSA has significantly improved its fraud detection capability, including identifying instances where opportunistic fraud may exist - a challenge with current approaches and a growing concern across the industry. A deterrent impact is also reflected by the increase in the number of walkaways by claimants filing fraudulent submissions.

“This partnership with Clearspeed significantly enhances our fraud detection capabilities and improves our chances of detecting fraudsters even earlier in the claims process,” says Adele Sumner, Head of Counter Fraud Strategy and Financial Crime at RSA Insurance. “Clearspeed’s unique technology helps us to settle genuine claims quicker, delivering a more seamless experience to our customers and, importantly, equip brokers with further insight, tools, and confidence they need to fight fraud.”

Clearspeed also helps RSA confidently refer certain claims to its valued partner, Allied Universal Compliance and Investigations, allowing them to better leverage their expert investigative resources, underpinned by not only cutting-edge technology and innovation but also bolstering their existing human expertise. This enables RSA to fast track low-risk claims and improve efficiency in the claims process for customers.

Clearspeed continues to forge strategic alliances with the world’s largest organizations to expand and reimagine the policyholder lifecycle, and scale its global footprint, seeing an 800% growth in client usage over the past year.

About Clearspeed

Clearspeed is the market leader for assessing risk in speech. Global organizations trust our highly precise, accurate, and unbiased voice analytics to fast-track low risk while also alerting to possible fraud. Our clients and partners rely on the unique data we provide to improve their risk confidence, reduce their costs, and deliver an improved customer experience.

About RSA Insurance

RSA Insurance is a multinational insurance group. We are one of the world’s oldest general insurers, providing peace of mind to individuals and protecting small businesses and large organisations from uncertainty. We use our capabilities to anticipate and improve outcomes for customers. We have established businesses in the UK, Ireland and continental Europe.

In 2021, the former RSA Group Plc came under new ownership and is now a wholly-owned subsidiary of Intact Financial Corporation. Intact Financial Corporation is the largest provider of property and casualty insurance in Canada, a leading provider of global specialty insurance, and, with RSA, a leader in the U.K. and Ireland. The business has grown organically and through acquisitions to over $22 billion of total annual premiums.