ICICI Lombard Partners With US Firm Clearspeed To Curb Insurance Frauds

ICICI Lombard General Insurance Co. Ltd. on Thursday said it is collaborating with US-based voice risk assessment company Clearspeed to tackle fraud in insurance claims in India.

The partnership will initially focus on motor vehicle theft claims, with an aim to speed up processing, the insurer said in a press release. The scope will later extend to other insurance lines.

ICICI Lombard’s fraud prevention model, developed over several years, aligns with Clearspeed’s AI-driven risk assessment approach, the company said.

Clearspeed’s chief executive officer Alex Martin said the company has helped large insurers in the UK and US halve average claims handling time and raise instant settlements by 40%. The firm expects to bring similar efficiency to ICICI Lombard while maintaining strong customer experience, he said.