Synectics Solutions and Assurant are celebrating after winning a prestigious national award for successfully implementing innovative fraud prevention technology.
The Fintech, predictive analytics and data services company has worked with leading insurer Assurant in the UK to deliver the predictive analytics solution, Precision, to improve the detection of high-risk gadget claims.
As a result, Synectics Solutions and Assurant received the ‘Fraud Prevention Solution of the Year’ award at the Insurance Times Claims Excellence Awards 2019, which were announced in London on Thursday 23 May.
Synectics has helped Assurant’s UK business to implement machine learning algorithms to accurately predict future behaviour based on past experience.
The analytical capabilities of the solution combined with data science expertise is essential for Assurant in making fast decisions and delivering a cost-effective, predictive insight which enables the organisation to become more competitive in the marketplace.
The introduction of Precision has enabled Assurant to build an even more robust fraud detection system to protect its honest customers.
The solution has also led to a 17.8 percent reduction in investigations being worked, allowing much needed and valuable investigator resource to be freed up to tackle new investigations.
Assurant is a leading global provider of housing and lifestyle solutions that support, protect and connect major consumer purchases, and is committed to using sophisticated technology to build solutions that its clients and their customers can depend on.
Gavin Wright, Senior Fraud Data Analyst at Assurant in the UK, said: “We are delighted to have won this award with Synectics Solutions.
“Since the introduction of Precision Analytics 18 months ago, we have seen immediate and sustainable results. This award is an excellent achievement for both companies, as well as recognition of the incredible results that have been achieved by working in partnership to develop an innovative solution that meets our need.”
The Claims Excellence Awards are designed to recognise and reward excellence across claims – from those on the frontline who have direct contact with customers in their hour of need, to the nimble and entrepreneurial who are changing the world around us.
Oz Khurshid, Predictive Analytics Product Manager at Synectics Solutions, said: "We have been on a really exciting journey with Assurant’s UK business which started by exploring the use of Predictive Analytics and Machine Learning, to not only speed up, but identify incremental high-risk loss and theft gadget claims.
“The initial proof of concept delivered great value and was followed by fantastic results within the production environment.
“The Assurant UK team has been really forward-thinking with their adoption of Precision’s machine learning capability and has optimised their business processes and reduced fraud impairment.
“We are pleased that this has been recognised by the Insurance Times Claims Awards judges.
“We are really looking forward to continuing the journey with Assurant and enhancing their use of Precision even further. A huge congratulations to everyone who has contributed to this wonderful achievement."