Mumbai: In a strategic move to enhance fraud prevention and streamline insurance claim settlements, India’s leading private general insurer ICICI Lombard has announced a partnership with Clearspeed, a global leader in voice-based risk assessment technology.
This ICICI Lombard Clearspeed collaboration, enabled through channel partner Aelius, is set to revolutionize fraud detection and accelerate claims processing – beginning with motor theft insurance.
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The partnership follows a successful pilot on motor theft claims, one of the more vulnerable segments in India’s insurance landscape. The trial demonstrated Clearspeed’s potential to significantly improve fraud detection while reducing claim resolution times for genuine policyholders.
ICICI Lombard Clearspeed Partnership
Commenting on the partnership, Nazeem Khan, Head – ICLM, Motor Third Party Claims & Litigation at ICICI Lombard, stated, “Our partnership with Clearspeed aligns with our long-standing focus on fraud mitigation. By integrating Clearspeed’s cutting-edge voice analytics into our risk assessment framework, we’re able to better identify fraudulent claims and ensure faster service for customers with legitimate cases.”
Clearspeed’s AI-driven voice risk analysis stands out for being:
- Real-Time – offering immediate insights to speed up claim settlements
- Bias-Free – independent of predictive models or prior data
- Frictionless – eliminating unnecessary steps for trustworthy claimants
Alex Martin, CEO of Clearspeed, added, “We are thrilled to work with ICICI Lombard to bring our proven technology to the Indian insurance sector. In markets like the UK and US, we’ve helped insurers cut average claims handling time by 50% and increased immediate settlements by 40%. We aim to replicate these outcomes in India.”
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The initial rollout will focus on motor theft claims, with future expansion planned across additional insurance lines as the collaboration deepens.
This strategic move further underscores ICICI Lombard’s commitment to leveraging innovative technologies to strengthen customer experience, reduce operational inefficiencies, and build trust in the insurance ecosystem.
