QBE, the business insurance specialist, is celebrating after winning a prestigious British Insurance Award.
The company has won the Claims Initiative of the Year accolade after successfully combating fraud in the insurance industry, working in collaboration with the Cabinet Office and Synectics Solutions.
This first-of-its-kind partnership has demonstrated how successful inter-organisation co-operation and the strategic use of data has improved operational efficiencies and helped QBE to enhance its automated fraud detection capacity using new methods.
The National Fraud Initiative (NFI), delivered by Synectics for the Cabinet Office, is a unique collaboration of 1,200 local authorities and public sector organisations which shares data to fight fraud.
QBE is the first insurer to trial the use of NFI data within the Synectics SIRA database - a fraud defence and financial crime intelligence solution to fight fraud.
By exploiting NFI data matching capabilities, QBE has seen a 45% uplift in the identification of potential fraud.
Jon Radford SIU Claims Managerat QBE, said:
"Winning this award is a tremendous accolade for all of the hard work that my team has put into making this initiative happen.
“Insurance fraud remains a major issue in our industry, but through collaboration and sharing of data, we are able to better detect and combat fraudulent claims.
“Working with Synectics and the Cabinet Office has already had a positive impact on our fraud identification and claims handling, and we look forward to continuing to work together to fight these types of crimes.”
The British Insurance Awards, sponsored by Insurance Post, were announced at London’s Royal Albert Hall on Wednesday 10th July 2019.
They are the largest and most prestigious awards in UK insurance and embrace innovation and positive transformations in the insurance world.
Darren Shillington, Head of the National Fraud Initiative (NFI) at The Cabinet Office, said: “The Government is committed to detecting and preventing fraud against the public sector and the NFI product range is key to us achieving this.
“We are pleased to be working with QBE and Synectics to use the NFI to assist the insurance sector in its fight against fraud. The results are very impressive and demonstrate huge potential.”
Louise Williams, Public Sector Product Manager at Synectics Solutions, added: “The British Insurance Awards win is fantastic news and we are delighted that QBE has chosen to work with the Cabinet Office on this unique programme.
The results have given them an insight into the effectiveness and success of integrating the NFI data into their SIRA system.