Validating risk identification and fast-tracking genuine claims in a competitive market

In the highly competitive UK motor insurance market, delivering on Abacai's mission — to transform insurance by leveraging AI-based technology to drive a better, cheaper, and fairer insurance experience — means the business' focus is on bringing more value to customers while having a prime strategy for identifying risk and fraud.

The Abacai Group, through its multiple business arms, provides several different motor-based schemes — from insuring a variety of annual motor lines including rental vehicles, taxis, and ride-share drivers to distributing short-term (hourly, daily, weekly, or monthly) policies.

Voice-based risk assessment embedded into the claims process

Abacai initially introduced Clearspeed into its first-party motor theft and fire claims process on cases that had been flagged for further investigation. The team leveraged Clearspeed in conjunction with the organisation's internal fraud matrices and other investigative tools to validate the results.

From this, the team expanded Clearspeed's application across all theft, fire, and single vehicle accident claims, regardless of whether the internal fraud matrix had flagged them or not. Tom Wilson, Head of Counter Fraud at Abacai Group, explains, "We now use Clearspeed to help us streamline the process for all claims. It gives us the confidence to move those flagged as low-risk straight to payment and focus on those alerted as high risk, easing up the resource challenges in the claims units we'd been experiencing," 

Wilson also notes that the business case for Clearspeed makes sense at multiple points in the insurance customer lifecycle: "There's the fraud aspect, in terms of using Clearspeed to flag the cases where there's a potential fraud issue. But the other side of the coin is that it helps to fast-track those genuine customers through a process that doesn't involve the fraud investigation team,"

"Combining our fraud matrices, investigative tools and Clearspeed helps us fast-track low-risk customers so that their claims aren't delayed, and it creates a smoother and more progressive journey for a genuine customer."

In this vein, Wilson adds that leveraging Clearspeed has helped the Abacai team address the trade-off between speed versus fraud detection that typically impacts the customer experience for low-risk claimants, and is part of the on-going challenge insurers wrestle with in pursuit of time and cost savings.

He says, "Clearspeed helps us get the right claims into the right hands quickly, knowing that we're delivering a better customer experience overall while also optimizing the impact of our investigative teams by helping them focus where fraud is most likely."

Wilson adds that Clearspeed has also had a deterrent effect against potential fraud, wherein individuals in the claims process are informed that they need to do a Clearspeed questionnaire, and they're never heard from again.