An alliance between PricewaterhouseCoopers (PwC) UK and Clearspeed Inc. represents a significant stride in harnessing AI technology to combat fraud and improve risk assessment processes across multiple sectors.
PwC has revealed a strategic partnership with Clearspeed Inc., a prominent voice analytics technology provider. The collaboration will aim at advancing the accuracy and efficiency of risk assessment processes.
In a recent press release, PwC announced that Clearspeed’s voice analytics technology offers a “highly accurate and unbiased” method of risk assessment. By asking a series of straightforward questions, Clearspeed’s AI-driven platform instantly detects vocal traits associated with risk.
A PwC spokesperson said, “This alliance gives the firm’s clients the opportunity to enhance the experience of their customers by speeding up their claim, application or process, while more efficiently and effectively managing fraud risk across their operations.”
This collaboration represents a significant step in harnessing technology to tackle fraud, a pressing concern for businesses and authorities across various sectors.
Combatting fraud
Harry Holdstock, a Partner at PwC UK, emphasised the growing significance of combatting fraud. He commented, “Fraud is increasingly a major concern across all parts of the economy and society, and now accounts for over 40% of all reported crimes in the UK.
“We were pleased to see the recent launch of the UK Government’s new Fraud Strategy, which places a renewed focus on tackling scams and bringing fraudsters to justice and commits to investing in the launch of a National Fraud Squad. In this context, finding and deploying new methods and approaches to stopping fraud while continuing to meet the service expectations of customers is essential.”
Alex Martin, CEO of Clearspeed, said, “We are really enthusiastic about our alliance with PwC UK and its potential to address issues of fraud across multiple industries – insurance, financial services, government, immigration, sports integrity.
“With the rising cost of living and the digital transformation of the economy, fraud rates have increased and approaches have evolved, presenting a difficult challenge to traditional technologies for fraud detection. By leveraging advanced technologies such as artificial intelligence, machine learning, and next-gen voice analytics, we will revolutionise risk assessment together, empowering businesses to stay ahead of emerging threats and safeguard their operations and their customers, building trust faster in an increasingly complex landscape.”
As businesses and organisations continue to grapple with the evolving landscape of fraud, partnerships like this one underscore the importance of innovative solutions in safeguarding operations and customer trust.