Synectics Solutions has become the first organisation to be awarded approved supplier status by the Insurance Fraud Bureau (IFB).
The data solutions and software company has achieved third party supplier status in recognition of its key role in fraud investigations.
It means that insurance clients, who are also members of the IFB, can now match policy and claims batch data to the IFB intelligence in SIRA - a Synectics Solutions fraud defence and financial crime intelligence solution.
The new integration will allow fraud teams to streamline investigations processes by using just one system and one set of workflow rules.
As part of its obligation to collaborative working, the IFB provides its members with access to cross-industry fraud intelligence. This includes a bi-weekly Generic Data Feed (GDF) that enables members to enrich their own sources of insight on potentially fraudulent insurance claims and policies.
The Generic Data Feed (GDF) is now hosted in National SIRA, allowing members to match to this data via SIRA rules which are controlled and maintained by the end user.
It also helps teams work towards a more automated system, removes the requirement for manual matching and improves efficiencies by helping with the early identification of suspected fraud activity.
The Insurance Fraud Bureau (IFB) is an organisation committed to the fight against organised insurance fraud.
It works in partnership with UK insurers, brokers, affiliate partners, law enforcement agencies and regulators and promotes the sharing of data and intelligence to limit the impact of insurance fraud and help detect premeditated fraud networks.
Chris Hallett, Insurance Product Manager at Synectics Solutions, said: “We are proud to be the first provider to be awarded Approved Third Party supplier status by the IFB which builds on the strong relationship we have developed with the IFB.
“IFB members can now benefit from this integrated approach by using the intelligence in national SIRA to match their own data in their fight against fraud.
“This is a win-win situation for insurance providers, the IFB and Synectics Solutions and will improve and streamline national fraud investigation processes.”
IFB Director Ben Fletcher said: “As Synectics are a trusted partner of a number of IFB members, this partnership will provide those organisations with a platform to utilise IFB data, products and services in a way that best suits their needs."
“Insurers are increasingly looking at how they automate processes to make them more efficient, ultimately for the benefit of the consumer."
“Given how important technology partners are to insurers as part of this process, we recognise this will be the first of a number of similar arrangements in the future.”
To find out more, click here to visit the IFB website.