13-06-2025
- Automotive
- Business Upturn
ICICI Lombard Partners with Clearspeed to Curb Claims Fraud
In a strategic move to tackle insurance fraud in India, ICICI Lombard General Insurance, one of the country's leading private insurers, has announced a partnership with Clearspeed, a global pioneer in voice-based risk assessment technology. The solution is being implemented through Clearspeed's channel partner, Aelius, and is aimed at streamlining fraud detection in insurance claims—starting with motor theft claims.
The partnership follows a successful pilot on motor theft cases, a segment that continues to witness a high volume of fraudulent claims in India. The newly adopted solution allows for faster, bias-free, and frictionless processing of genuine claims, improving efficiency and reducing delays for policyholders.
Mr. Nazeem Khan, Head – ICLM, Motor Third Party Claims & Litigation at ICICI Lombard, said:
'This partnership with Clearspeed aligns perfectly with ICICI Lombard's fraud prevention model. By integrating Clearspeed's innovative risk assessment approach, we're enhancing our ability to tackle fraudulent claims while ensuring faster settlements for genuine customers.'
Unlike traditional methods that rely heavily on documentation and manual verification, Clearspeed's AI-driven voice analytics tool evaluates vocal patterns to identify potential fraud risk, delivering real-time insights that reduce processing time and increase operational confidence.
Alex Martin, CEO of Clearspeed, expressed optimism about entering the Indian market with ICICI Lombard:
'We are thrilled to support ICICI Lombard with a proven technology that has delivered up to 50% reduction in claims handling time and a 40% increase in instant settlements for global insurers. We are confident of replicating similar success in India.'
The collaboration will initially focus on motor theft claims but is expected to expand to other insurance segments over time, as part of ICICI Lombard's broader digital transformation and customer-centric initiatives.
As of March 31, 2025, ICICI Lombard had processed over 3.2 million claims, issued more than 37.6 million policies, and reported a Gross Written Premium of ₹282.58 billion. The company continues to innovate with its AI-powered solutions and has recently enhanced its digital ecosystem through its IL TakeCare app, which features India's first Face Scan for insurance services.
This partnership marks another step in ICICI Lombard's journey to strengthen fraud detection, enhance operational agility, and offer seamless experiences to its growing customer base.
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