AXA UK strengthens fraud prevention measures with Synectics Solutions partnership
AXA UK announces partnership with Synectics Solutions leveraging its fraud prevention solution, SIRA in a strategic move to support the company’s anti-fraud strategy, potentially avoiding millions of pounds in losses.
The SIRA platform leverages National SIRA data, the largest syndicated database of cross sector customer risk intelligence in the UK.
Synectics Solutions offers a comprehensive suite of solutions to enhance AXA UK’s fraud prevention measures, including a syndicated fraud database from 180 organisations. Its Real-time Quotes (RTQ) tool enables AXA UK to use National SIRA data, when trading on aggregator websites, to make better risk decisions. The SIRA platform includes Outcome Orchestration, which creates an automated and intelligent way of dealing with applications by refining decision making.
In 2021, the insurance industry faced fraudulent claims totaling £1.1 billion across 89,000 cases according to the ABI, with motor insurance accounting for a substantial £577 million of these losses. Fraudsters are increasingly using AI to deceive insurers, leading to a growing need for advanced technology to counter evolving fraud. To tackle this challenge, the partnership also covers AXA UK’s two brands: MOJA and Swiftcover.
AXA UK selected Synectics Solutions following a rigorous process, where the two organisations collaborated on a proof of concept that combined syndicated data with AI. The proof of concept demonstrated improved fraud detection and importantly speeds up the identification of fraud, helping reduce fraud costs. The key driver for AXA UK was the ability of SIRA to leverage the use of syndicated data at point of quote and point of application; and to build its decision making in the platform.
Richard Daley, Business Development Manager at Synectics Solutions, said: "We are thrilled to collaborate with AXA UK in the fight against fraud. Our technology, combined with AXA UK's commitment to security, will lead to a safer insurance environment for all stakeholders."
David Pearce, Director, Retail Direct at AXA, said: "Our partnership with Synectics Solutions signifies a further step forward in our commitment to tackling fraud. We believe that this strategic investment becomes increasingly important as the industry is facing increases in claims’ costs and by reducing fraudulent activity, we can ensure genuine customers don’t have to pick up the costs of fraudsters.”
Authored by AXA
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