Increase confidence in your homeowner policy decisions
Clearspeed’s one-to-one, in-the-moment assessments unlock a new way for homeowner insurers to quickly understand who or what to trust.
Homeowners insurance providers are facing increasing challenges in managing expenses due to the rising cost of construction materials and labor, the uptick in natural disasters, and social inflation. This is further complicated by the challenges of accessing data that provides a reliable, cost-effective, and timely view to risk. Traditional predictive models leave blind spots where misrepresentation, opportunistic fraud, and shifting behaviors fall outside what can be detected, leading to an incomplete view of individual risk. To accommodate this, insurers may include additional steps in the workflow to verify information - a headwind to efficiency and the customer experience - or tradeoff on potential risk with less rigor, undermining confidence in pricing and binding decisions, and leading to billions in premium leakage.
Accurate, individualized fraud risk insights, not predictive estimates
Clearspeed’s voice-based risk assessments analyze the responses to a short set of customized and automated yes/no questions for universal vocal characteristics known to be associated with risk. Insurers get a point-in-time, individualized assessment of risk for each applicant on a number of key areas where data is either hard to find, expensive, or lacks the accuracy needed for confident decision making.
Improve the customer experience for the high-trust majority of applicants
Where no indicators of potential fraud risk are found, applicants can be confidently moved forward, avoiding the high-friction processes designed for the small number of bad actors - improving the applicant’s customer experience and premium accuracy, while shortening your time-to-bind. Where alerted to potential risk of fraud, insurers can apply the standard rigor and process.
With Clearspeed, get faster, more accurate insights into:
- Condition of electrical and plumbing, structural integrity
- Pre-existing damages
- Dangerous dogs
- Valuable contents, pools, spas
- Intended use of the home:
- personal vs. commercial
- Smoking
- Long-term boarders
- Short-term rentals
Fully automated for scaleable, real-time delivery
Point-in-time indicator specific to the individual
Language agnostic with no PII required
Easy insertion into existing workflows
The Clearspeed voice-based risk assessment process starts with homeowner applicants being presented with the Clearspeed questionnaire on any voice-enabled device. Clearspeed analyzes the applicant’s vocal response to the client’s desired question set, quickly identifying and scoring indicators associated with risk. These point-in-time, individualized results are then returned via API or available with the Clearspeed web app. This insight is used to inform next steps in the underwriting process.
Clearspeed Benefits
Get faster, more accurate determinations
• Get unique risk insights where data is either unavailable, expensive to obtain, or lacks accuracy
• Fast-track high-trust applications with confidence
• Forward applications indicating potential fraud for more scrutiny
Boost equity and reliability
• Ensure consistent, fair outcomes across applicants with objective and unbiased assessments
• Improve the customer experience for high-trust applicants by eliminating unneeded investigation rigor
Optimize resources and investigation spend
• Reduce investigation cycles for applications where trust is high
• Eliminate unnecessary on-site home appraisals, content validation submissions, or database sweeps
• Narrow focus of skilled adjusters to applications where potential fraud is found
“I see Clearspeed as being utterly unique and unlike; I’ve not seen anything else in the market that does what it does because it actually looks at investigational validation in a completely different lens.”
Discover how Clearspeed can help you streamline information verification and uncover risk blind spots across homeowner policy applications.
Learn more at www.clearspeed.com
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