ICICI Lombard Partners with Clearspeed to Detect Claim Fraud

ICICI Lombard, India's leading private general insurance company, today announced a partnership with Clearspeed, the global leader in voice-based risk assessment technology. This solution, delivered through channel partner Aelius, aims to address the fraud risk in Insurance claims in India.

The risk management solution was successfully piloted on motor theft claims by Clearspeed and ICICI Lombard. Motor theft is a sizeable issue in the Indian market and some fraudsters use this opportunity to lodge fraudulent claims.

Mr. Nazeem Khan – Head – ICLM, Motor Third Party Claims & Litigation, ICICI Lombard, said, "This partnership with Clearspeed aligns perfectly with ICICI Lombard's fraud prevention model that we have been developing and refining for number of years. By integrating Clearspeed's new approach to risk assessment with our extensive experience in the Indian insurance market, we are taking a significant step toward addressing fraudulent claims while ensuring our customers with genuine claims receive timely settlements."

Clearspeed's revolutionary approach to risk assessment differs fundamentally from traditional methods. Unlike traditional risk assessment methods that rely on extensive documentation validation, subjective evaluations, and lengthy processing times, Clearspeed's solution is:

• Fast – providing real-time insights to enable quicker settlements
• Bias-free – operates independently of historical data or predictive models
• Frictionless – removes cumbersome steps for genuine customers

"We are excited to partner with ICICI Lombard to address its challenges unique to the Indian market," said Alex Martin – CEO, Clearspeed. "We have supported some of the largest global insurance carriers in the U.K. and the U.S., delivering an overall reduction of 50% in average claims handling time and a 40% increase in immediate settlements to claimants. We look forward to helping ICICI Lombard unlock this type of efficiency while maintaining their excellent customer experience ratings."

The initial focus of this partnership will be motor theft claims which will benefit from expedited processing, with the collaboration slated to expand across additional insurance lines as the partnership evolves.