Quote Screening


KEEPING AHEAD OF THE EVER EVOLVING NATURE OF FINANCIAL CRIME

Across the world, insurance fraud and financial crime is increasing at staggering rate. Organisations are targeted by fraudsters and organised crime rings using a host of strategies to alter, falsify and compromise information to access illegitimate funds. The fraudsters are ever evolving their tactics and it regrettably falls to the businesses to detect and prevent future losses as soon as they can.

By deploying fraud checks at the point of quote or application, not only can you reduce the risk of fraud upfront, but also significantly reduce the cost of post application fraud investigations by weeding out risky business at the beginning of the customer boarding process. It can also help to streamline the identification of good customers to make your customer journey more efficient and therefore make your business more competitive.

DISHONEST INSURANCE CLAIMS

£1.3 billion was lost to dishonest insurance claims in 2016 (ABI)

INCREASING CAR FINANCE FRAUD

Car finance fraud increased by 21.3% in 2017 according to figures from the Financial Crime Intelligence Team at Synectics Solutions

RISING IDENTITY FRAUD

Statistics from Synectics Solutions reveal that identity fraud now accounts for 26% of all insurance policy fraud

CATCHING THE CRIMINALS AT THE EARLIEST OPPORTUNITY

Synectics Solutions has been working for more than 25 years to use the power of data to tackle fraud, improve the customer journey and maximise opportunities from improved customer intelligence. Facilitating a holistic understanding of the risks a quote or application brings, at the earliest stage, can avoid costly proceedings by helping to catch the fraudsters sooner.

Our solutions will help reduce the number of applications referred for investigations giving your investigations teams more time to address more serious cases first.

Real-Time Quote Screening

allows insurers and financial service providers to maximise their fraud and risk checks at the point of quote. By leveraging data from National SIRA, the UK’s leading fraud prevention and detection database, and incorporating third-party data sources such as claims underwriting and credit information, businesses can integrate this data into their pricing algorithms, in real-time to identify risk quicker and provide a smooth and rewarding journey for good customers.

Real-time

Response


Actionable information provided in real-time to create a seamless customer journey.

30% uplift

in high risk policy ID


The UKs leading fraud detection and prevention database National SIRA can create as much as a 30% uplift in high risk policy identification for insurance clients

£3+ billion

Fraud prevented


National SIRA – the UK’s leading fraud prevention database have helped prevent in excess of £3 billion in losses to financial crime

CONTACT US

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