How Clearspeed Sees AI Reshaping Efficiency, Fraud Detection, and Trust in Insurance

Manjit Rana, EVP of Insurance at Clearspeed shared his perspective on where insurance is heading during a conversation at ITC Vegas 2025. At the heart of it, Rana sees technology, and especially AI, as a way to help insurers work smarter rather than simply faster.

The big opportunity however, lies in improving efficiency across the board: using resources better, onboarding customers more smoothly, and handling claims in a way that feels less painful for everyone involved. A major driver behind this shift is changing customer expectations and Rana points out that people are now used to instant service in almost every part of their lives. They don’t expect to wait days for updates or decisions, and they increasingly see speed and responsiveness as a basic part of good customer service. Insurers, in his view, have to meet those expectations if they want to stay relevant.

However, speed alone isn’t enough as Rana stresses that insurers also need to get much better at identifying and tracking potentially fraudulent behaviour. Consumers now have access to powerful, easy-to-use technology, which is often more advanced than what insurers themselves are using and that imbalance creates new risks, especially when it comes to fraud in underwriting and claims.

One of Clearspeed’s key warnings was about how AI and automation are being applied today. Too often, he said, insurers are simply using new technology to speed up old processes, essentially digitising yesterday’s workflows and while that can help in the short term, it doesn’t solve the underlying challenges.

Instead, Rana argued for a rethink of how problems are approached as in underwriting, that means collecting new kinds of signals to make better decisions. In claims, it means using more sophisticated technology to spot fraud in an environment where customers may already be using advanced AI tools themselves. The future isn’t just about faster insurance, it’s about smarter insurance built for a very different digital reality.