V, a provider of layered voice analysis technology (LVA) in North America and markets throughout the world, announced at the National Workers’ Compensation and Disability Conference this week, immediate availability of its risk assessment solution, RA-5, a voice analysis software for the workers’ compensation, automotive, casualty and other insurance industries.
Based on proprietary LVA technology, developed by an Israeli company called Nemesysco, RA-5 reportedly integrates seamlessly into existing call center systems to provide real-time risk assessment of incoming claims.
Dubbed the “DNA of Thought”, RA-5’s LVA technology uses up to 8,000 mathematical algorithms to determine if a person is telling the truth. LVA technology tracks and analyzes the mechanics of vocal patterns to identify emotional states such as excitement, stress, uncertainty and deception. RA-5 uses these identifiers to assign risk values to each claim, allowing insurance companies to rapidly identify and pay low risk claims, while concentrating investigative resources on the claims that display higher likelihood of fraud.
“This technology has been proven to reduce fraudulent auto theft claims by more than 25 percent,” said Dr. Richard Parton, CEO of V. “We believe RA-5 can significantly decrease workers’ compensation, auto, casualty and other paid out expenses, translating into lower costs for the consumer and higher profit margins for the insurer.”
V (www.vworldwide.com) is currently in discussions with several state and local agencies, including the State of New Mexico, which is working with V to help establish a base of operations in northern New Mexico.
How RA-5 works
As a claim comes into a call center, operators inform the caller that the conversation is being monitored and analyzed. As the claimant provides the details of the incident for which the claim is being filed to the processing center, the RA-5 tracks and analyzes the caller’s vocal patterns. It is here where the RA-5 detects elevated risk of fraud in the conversations where they exist, triggering the operator to suggest that the claim receive further investigation. These triggers are defined and may be adjusted to meet the specific needs of the user.
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