Synectics Solutions – the fraud and financial crime prevention specialist – has expanded its service offering to insurance companies, to help address the rising threat of fraud within the sector. The company has joined forces with Digilog, a leading provider of voice risk analysis technology & solutions.
The partnership will enable insurers to access cutting-edge AI and machine learning capabilities to help manage suspicious insurance claims & significantly improve the genuine customer journey and experience. The Digilog technology employs a voice risk analyser alongside sophisticated script and cognitive indicators to help determine if a claim is fraudulent. This approach combined with the unique data and insight available via Synectics’ National SIRA database provides a unique and compelling offering to the marketplace.
Richard Wood, CEO at Synectics Solutions, commented: “With fraudulent motor insurance claims increasing by 50% in the last year, despite the overall number of claims falling due to the coronavirus pandemic, there was a real need to do things differently*. Insurance companies require access to cutting-edge technology that gives them a distinct advantage in the fight against claims fraud. Our partnership with Digilog does just that.”
Lior Koskas, CEO at Digilog, said: “We recognise the passion and impact of the team at Synectics Solutions in the fight against claims fraud. We’re delighted to be joining forces with Synectics – a partnership that will enable us to combine our innovative technology solutions and know-how to offer insurers the ability to improve their results in the assessment of risk and the prevention of fraud in real-time. This partnership offers strong support for our respective businesses and we look forward to working together.”
Synectics Solutions is a UK Government Specified Anti-Fraud organisation, which has been syndicating data on behalf of Tier 1 banks, insurance companies, FTSE 250 businesses and the Cabinet Office for nearly 30 years. To date it has helped to save these organisations almost £6Bn in identified fraud and error.
(*) According to Synectics’ National SIRA database – a syndicated database which processes over 91 million applications each year in the UK across sectors such as insurance, banking and retail – the ratio of claims flagged as fraudulent in 2020 rose by a half, with reported motor claims dropping by a quarter during the same period, as the number of people on the roads fell as a result of Government-imposed restrictions.
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