Combating fraud in the cost of living crisis with voice-based risk assessment technology
Clearspeed is a Business Reporter client. A rise in speculative fraud amid the UK’s cost-of-living crisis has the insurance industry under pressure – but it’s also an opportunity to embrace innovative approaches and bring new technology into the fold. One consequence of the cost of living crisis is that the insurance industry is seeing a sharp increase in speculative fraud, wherein people exaggerate legitimate claims or submit bogus claims for household and property, particularly lost gadgets. Leveraging technology to assess risk and identify fraud Increased speculative fraud in response to the cost-of-living crisis is committed by people who typically would have not committed or considered fraud under normal circumstances but need the extra cash to get by. Current fraud detection models may not recognise this fraud because it’s ad hoc rather than patterned, leaving insurers with the challenge of identifying these claims that existing technology and databases can’t solve for.
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