Clearspeed’s one-to-one, in-the-moment assessments unlock a new way for insurers to quickly understand who or what to trust.
Life insurers face a growing challenge in validating the accuracy of application data. Much of the information they rely on is self-reported, incomplete, or difficult to verify in real time. Existing approaches are built on predictive models that often don’t account for things like misrepresented health details, lifestyle factors, or emerging fraud behaviors that exist outside of the model. This creates blind spots that slow down decisioning and introduces risk of fraud into the book, and leaves insurers to manage the gap in data trust, while working to issue policies quickly, fairly, and with confidence.
Accurate, individualized insights into risk of fraud, not predictive estimates
Clearspeed solves for the tension between speed and accuracy at key underwriting decision points during policy quote and application, or re-underwriting. Our individualized and real-time assessment of risk unlocks new insight that can’t be found anywhere else, or at least not without significant time or cost. This indicator of application data trustworthiness enables better, faster, and more confident decision-making, while improving customer experience for genuine customers by reducing the requirement for rigorous processes designed for the small pool of bad actors. Clearspeed’s voice-based risk assessment analyzes the responses to a short set of customized and automated yes/no questions for universal vocal characteristics known to be associated with risk.
These questions can be aimed at key risk points where data accuracy and speed is not easily achieved:
Clearspeed Benefits
Improving accuracy in health and lifestyle risk determinations
Clearspeed helped a large US life insurer better segment applicants by better understanding tobacco use and BMI-related risk factors earlier in the application process. The insurer was able to accelerate high trust applicants and reduce unnecessary testing costs without trading off on rigor or confidence. For those applications where risk was uncovered, the insurer was able to accurately rate premiums.
45% new risks captured
90% additional premium capture
44% reduction in testing spend
Easy insertion into existing workflows
The Clearspeed voice-based risk assessment process starts with applicants being presented with the questionnaire on any voice-enabled device. Clearspeed analyzes the applicant’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 application pathing.
Discover how Clearspeed can help you streamline information verification and uncover risk blind spots across life policy applications.
Learn more at www.clearspeed.com
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