China Pacific Insurance Company (CPIC) has selected Nemesysco’s voice analytics solution to reduce life insurance fraud.
Nemesysco deployed the LVA7 voice analytics solution in CPIC’s life insurance business unit. LVA7 has been embedded into the claims processing solution provided to CPIC by Softtek.
This solution is designed to detect and measure uncontrolled psychophysiological changes to a person’s voice during open conversations. It is expected to help CPIC field agents and special investigators during the claims process to detect potential risks and reduce fraudulent claims.
CPIC Life Insurance AI Language Technology product manager Mr. Zhao said: “The results of this initial application of voice analytics in our life insurance unit are positive.
“Nemesysco and its emotional detection analysis have reduced the revenue lost to unqualified and fraudulent life insurance claims.”
CPIC is a Fortune Global 500 company with more than 139 million customers in China and almost 108,000 employees.
The company plans to expand its usage of voice analytics to additional insurance types and business units in the next two to three years.
Commenting on the latest development, Nemesysco CEO Amir Liberman said: “CPIC is our first commercial customer in China and joins our rapidly expanding customer base across Asia.
“CPIC is a nice example of how an insurance company can leverage our voice analytics technology and emotion detection solution to improve its claims process and ensure that legitimate claims are processed efficiently with minimal inconvenience to clients.”