From fraud detection to fraud prevention

Solutions for the insurance sector

The world of insurance has changed forever.

Insurtechs are using data and insights to create entirely new digital first customer journeys.

Micro-personalisation is here to stay with customers demanding increasingly flexible terms whilst presenting challenging risk profiles.

Quoting, onboarding and claim settlements are now happening in real and near real time, and decision-making Bots are firmly in the driving seat.

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You need a partner that you can trust to help navigate you through this complex world. We work with leading UK Insurance providers, brokers and managing agents to provide an end to end view of a customer to help manage fraud and risk.

We create bespoke solutions built around your business needs that allow a friction-right onboarding experience for the customer from the point of quotation, through to application and during a customer’s life-cycle.

Swinton
60%

Identified 60% more anomalies in their policy applications

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Esure
30%

Increased identified fraud by 30% whilst decreasing investigations by 50%

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What improvements could you make?

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Built by our experts for the insurance industry

FRAUD AND RISK

Understand the changing nature of your customer’s profile and with it your risk exposure.

IDENTIFICATION

Use Real Time Quote Screening to identify and onboard only the right customers.

VERIFICATION

Ensure the person applying for the cover is actually who they say they are. We can identify various points of compromise before an application or transaction is approved.

AML

Ensure you meet your regulatory AML obligations and avoid fines and prision terms for non-compliance. Use Sanctions, Adverse Media and Politically Exposed Person information to get a full view of the customer.

COMPLIANCE

Compliance is evidence based - use our data sources to help you to meet your regulatory obligations.

VETTING

With a rise in the use of intermediaries in organised crime IFAs, Brokers and employees all require screening before you onboard them to protect the integrity of your business.

DEBT MANAGEMENT

Identifying the potential for bad debt before it happens allows you to adapt your processes and reduce your risk.

SPECIAL INVESTIGATION UNIT (SIU)

Our specialist investigators can help support your in-house team and provide additional resource or skills as and when needed.

Matt Gillham, Head of Financial Crime, esure

“While we already employ a range of procedures and technologies to identify claim fraud, Precision allows us to quickly implement enhanced, technical machine-learning capability to drive incremental benefit and improve operational efficiency through the seamless integration with our existing workflows.”

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Why Synectics for Insurance

We have worked within insurance for 15 years and processed over 8.8M claim events and 37M policy events in 2020.

Against a backdrop of sector wide intelligence, we provide a single view of your fraud landscape, critical when trying to identify new fraud typologies or benchmarking your fraud defences against the competition.

Our data scientists are available to support your team.

Remote working supported to allow your colleagues to work from anywhere, without compromising your risk management

Operational efficiencies can be achieved through the smart use of our workflows and case management tools. Detecting more fraud doesn’t have to mean working more cases.

Access the likes of IFB, CUE, PEPs and Sanctions information through a single platform.

Trusted and effective.

Your Source for the latest fraud trends and insights

Insurance, Motor finance

Whiplash reforms: how fraudsters have adapted in the face of legislative change

Wednesday, May 12, 2021

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How to address your repeat fraud offender problem

Wednesday, April 28, 2021

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Fraud rates increase for motor claims, despite applications falling

Thursday, March 18, 2021

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