Why voice holds the key to combating insurance fraud – InsurTech

Nigel Cannings, CTO of Intelligent Voice, looks at the role speech recognition and machine learning can play in battling fraud in the insurance sector. 

We live in a world where the software that organisations use must keep pace with the scam techniques of fraudsters. AI technology combined with speech recognition is currently leading the way in terms of fraud detection involving audio and video data. 

Tone of voice, emotion and speech patterns used by potential criminals can all be speedily picked up and analysed to detect intended fraud. And all of this can be achieved without damaging those vital customer relationships. Let’s take a closer look at what this involves and how it may shape the future of fraud detection.

Natural Language Processing (NLP) is crucial

Natural Language Processing helps computers make sense of the language humans use each day, so this can help pinpoint fraudulent behaviour and ultimately protect both businesses and the consumer. But right now, NLP systems are based solely on text. We can extend that by using highly sophisticated speech recognition technologies combined with NLP algorithms adapted for human interactions to allow this to work with spoken interactions

GPU-powered transcription has been used for the past eight years along with NLP software, assisting firms to get to grips with sales opportunities and compliance risks. In fact, the LexiQal behavioural analytics platform, developed alongside law enforcement experts, can uncover fraudulent motives from the first contact. It means modern-day call handlers can get on with their job, focusing on customer service, without considering the possibility that they are dealing with a potentially fraudulent case. But while these solutions are proving effective to a point, there is always more to do. 

Full article here: https://insurtechdigital.com/articles/why-voice-holds-the-key-to-combating-insurance-fraud