Precision, our predictive analytics solution that helps insurers to spot fraud even before it happens, is in line to receive an industry award next month.
The product is shortlisted as a finalist in the Excellence in Claims Technology category in the Insurance Times Awards for 2017.
The submission will face stiff competition on awards night, set to be held on 7th December in London and said to shine a light on the great and good in the insurance industry.
Our entry demonstrates the benefits of the product ‘in the field’ and as used by insurer esure, who tested a proof of concept prior to adoption.
Osman Khurshid, Precision Product Manager, said: “Precision takes Synectics' existing customer data and applies sophisticated analytical techniques and machine learning algorithms to generate previously unseen insights into client data.
“Because the solution was developed as a service model, Synectics can now offer companies a truly world class - and affordable - data science service with our cutting-edge software and service.
“We’re delighted with the implementation at esure and are keeping our fingers crossed for the awards night!”
The Precision system was initially piloted in a study against a random sample of data, testing its ability to identify first-party fraud, which is traditionally more difficult to identify through data matching due to its opportunistic nature, then we looked at the results given by the data matching tool.
Of the referrals tested, by using SIRA data matching, and then adding the Precision predictive analytical algorithms, we were able to effectively increase the ability to spot more adverse or fraudulent cases by 300%.
Precision was then tested during the comprehensive proof of concept exercise and the results were much better than predicted. The amount of investigations that required assessment were reduced by an impressive 50%, while at the same time the amount of adverse cases that were identified rose by 30%. Thus reducing investigator workload while increasing the ability to successfully identify fraud.
Osman added: “Through its ability to process huge volumes of data, and apply a blended array of algorithms and modelling techniques, Precision enables a shift in fraud strategy from one of detection to one of prevention.”
Matt Gilham, Head of Financial Crime at esure, said: "While we already employ a range of procedures and technologies to identify claims fraud, Precision allows us to quickly implement enhanced, technical machine-learning capability to drive incremental benefits and improve operational efficiencies through seamless integration with our existing workflows."
Find out more about the Insurance Times Awards here: http://awards.insurancetimes.co.uk/it-awards-2017/