Insurance


TACKLING INCREASING THREATS AND RISKS

Whilst insurance fraud remains one of the biggest areas for opportunistic and organised crime, the investment from the sector and changing behaviours of fraudsters, sees a constant flux in risks within the industry. The amount of false policies, staged accidents, exaggerated claims, account takeovers and ghost broker activity changes on a daily basis but remains one of the UK’s largest fraud concerns. We recognise that tackling these issues is a number one priority for a modern day successful business regardless of size or capacity and must be completed without losing sight of the need to enhance the customer journey for the vast majority policyholders and claimants alike.

DISHONEST CUSTOMERS

£1.3bn dishonest insurance claims in 2016

FRAUDULENT CLAIMS

£25m every week is lost to fraudulent insurance claims

GHOST BROKING

At least 46.5% of motor policy fraud is linked to ghost broking

Working with our insurance clients to understand and address their challenges

Synectics Solutions work with over 30 high street insurance providers, brokers, managing general agents and third party administrators to help reduce risk whilst meeting regulatory commitments and provide a positive customer experience.

Whether it’s expertise on quotes screening, ID verification or risk analysis, we are able to combine this with a breadth of data sources and our skills to build and develop technology solutions, giving you relevant, specialist support.

Our products and solutions allow your organisation to adopt a multi-layered approach to fraud prevention and risk mitigation, via sophisticated data matching and screening enhanced by powerful predictive insights.

34 million

Insurance claims


Synectics’ fraud database, SIRA, processes over 34 million insurance claims and policies each year

30+

insurers


We work with over 30 high street insurers who offer a range of products, from motor to pet, life to travel, household to commercial business insurance

£5 billion

SAVED


We have helped save our clients over £5 billion that may have otherwise been lost to financial crime

"While we already employ a range of procedures and technologies to identify claim fraud, Precision allows us to quickly implement enhanced, technical machine-learning capability to drive incremental benefit and improve operational efficiency through the seamless integration with our existing workflows."
Matt Gillham, Head of Financial Crime, esure

Our thinking in insurance

Read a range of articles and reports, all crafted by the experts at Synectics Solutions, where you can uncover the latest insights and trends in your sector, and understand how developing technologies are shaping today’s organisations.

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