Managing Non-Standard Auto Risk
Non-standard policies covering higher-risk drivers or vehicles involve more complex policy writing and claims. Multiple claims histories, incomplete driving records, or international credit history records, for example, may lack the critical information needed to make a truly informed decision when setting premiums, or pre-establishing trust needed for the claims processes.
While keeping fraud out of your business is important, relying on agents and adjusters to find indicators of fraud in every single application or claim is nearly impossible; it would significantly slow down your processes, frustrating genuine customers and driving up operational costs.
Spot potential fraud before it hits your ratios
Clearspeed gives underwriting and claims teams a powerful new way to quickly determine who and what to trust. Our individualized and real-time assessments of risk unlock a new way to understand potential risk of fraud, providing a new insight for the decisions that matter most. An intelligent trust layer, when and where you need it. Adjusters gain clarity on potential fraud in seconds. Trustworthy policyholders get fast-tracked, while those who warrant a closer look receive the appropriate level of scrutiny.
Fast, individualized assessments
Clearspeed analyzes the responses to a short set of customized and automated yes-or-no questions for universal vocal characteristics known to be associated with risk. This delivers a point-in-time, individualized assessment of potential fraud for each claim on a number of key areas where data is previously hard to verify or validate:
- Vehicle status
- Vehicle usage contraventions
- Driver verification
- Policy purchase post damage
- Pre-existing or inflated damages
- Staged collisions
- Collusion between claimant and repair facilities
- Third-party fraud
Easy insertion into existing workflows
The Clearspeed voice-based risk assessment process starts with participants being presented with the Clearspeed questionnaire on any voice-enabled device. Clearspeed analyzes the participant’s vocal response to the case-specific question set, quickly identifying and scoring indicators associated with risk. Individualized results are then returned via API or available with the Clearspeed web app to inform next steps in transaction pathing.
Clearspeed Benefits
Get faster, more accurate determinations
• Get unique risk insights where data is either challenging to find, expensive to obtain, or lacks accuracy
• Fast-track high-trust transactions with confidence
• Forward transactions indicating potential fraud for more scrutiny
Boost equity and reliability
• Ensure consistent, fair outcomes across all transactions with objective and unbiased assessments
• Improve the experience for trustworthy policyholders by eliminating unneeded investigation rigor
Optimize resources and investigation spend
• Reduce investigation cycles where trust is high
• Narrow focus on flagged risk factors
“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 accelerate genuine applicants and claimants, and narrow your focus where risk is detected.
Learn more at www.clearspeed.com
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