Advanced validation of a claim complements high tech voice risk analysis
It may come as a surprise, but DigiLog UK, the first provider of voice risk analysis (VRA) technology in the UK, sees cognitive interviewing as a critical component of its insurance focused advanced validation solution.
Advanced validation embraces several key components in current risk evaluation.
This includes VRA, enhanced cognitive interviewing, conversation management, advanced questioning techniques and DigiLog's method of conversational risk identification called narrative integrity analysis. What is key is that decisions are never taken on the basis of VRA technology alone.
Validation targets this blend at identifying genuine customers quickly and accurately. VRA is a significant factor, being applied in real time and giving virtually instantaneous risk analysis.
But most importantly, combining VRA with cognitive interviewing vastly reduces the subjectivity of an operator's opinion in making critical, risk related decisions and does not require the often prolonged and frustrating conversations associated with pure cognitive interviewing.
Unlike traditional screening methods, validation concentrates on the actual matter reported and thus risk assessment is not clouded by prior history/profile that may have no bearing on the validity of the claim in hand.
VRA is able to analyse micro changes to a caller's voice and relate this physiological reaction to psychological factors. Each call is first calibrated against truthful statements, with subsequent conversation being analysed for relevant deviations from that 'truth' baseline. VRA then identifies strong indicators of truth, stress, excitement, uncertainty and deception, high-lighting words and phrases that present risk and enabling operators to instantly focus on questionable areas.
Validation assesses conversational risk over the telephone. A low risk assessment allows organisations to confidently fast-track customers via traditional validation processes.
A high risk assessment does not defeat a claim but rather channels it into a more detailed validation stage (using similar techniques but in greater depth). This stage seeks to 'manage away' high risk cases by revealing to the fraudster, via focused questioning, that risk areas in their responses are arousing suspicions. This leads to many cases being withdrawn or 'adjusted' without the need for detailed and costly investigations.
By defeating higher levels of fraud (regularly around 20% of unfiltered claims), validation hopefully generates substantial savings in payments.
The use of validation within customer contact centres has also resulted in improved staff retention via a workforce, engaged in stimulating work that offers advancement within its own skills-based hierarchy.
Significant benefits also stem from both reducing the need for expensive field investigations or sharpening the focus of those investigations.
Validation is available both as an in-house or an outsourced solution.
Lior Koskas is business development director at Digilog UK.
