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.

Read the full Insurtech Digital article here