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AXA UK joins forces with Synectics Solutions

Monday 27 November 2023 13:32 CET | News

AXA UK has partnered with Synectics Solutions, leveraging the latter's fraud prevention solution, SIRA, to support its anti-fraud strategy. 

 

The SIRA platform leverages National SIRA data, the largest syndicated database of cross sector customer risk intelligence in the UK. 


Synectics Solutions is set to offer a comprehensive suite of solutions to enhance AXA UK’s fraud prevention measures, including a syndicated fraud database from 180 organisations. Moreover, the company's Real-time Quotes (RTQ) tool enables AXA UK to use National SIRA data, when trading on aggregator websites, to make better risk decisions. The SIRA platform also includes Outcome Orchestration, which creates an automated and informed way of dealing with applications by refining decision-making.

AXA UK has partnered with Synectics Solutions, leveraging the latter's fraud prevention solution, SIRA, to support its anti-fraud strategy.

In 2021, the insurance sector confronted GBP 1.1 billion in fraudulent claims across 89,000 cases. Notably, motor insurance incurred significant losses, amounting to GBP 577 million. The rising trend of fraudsters utilising AI to trick insurers underscores a heightened demand for technology to counter evolving fraudulent activities.  To address this issue, the partnership extends its coverage to include both of AXA UK's brands, MOJA and Swiftcover. 

As stated in the announcement, AXA UK selected Synectics Solutions following a rigorous process, where the two organisations collaborated on a proof of concept that combined syndicated data with AI. The proof of concept demonstrated improved fraud detection and importantly speeds up the identification of fraud, helping reduce fraud costs. Moreover, the important driver for AXA UK was the ability of SIRA to leverage the use of syndicated data at point of quote and point of application, and to build its decision-making in the platform. 

About the companies  

AXA UK is an insurance company that looks after millions of customers’ insurance needs across car, home, health, and business. As stated by the company, its purpose and mission is to help people move forward by protecting what matters to them. 

Based in the UK, Synectics Solutions aims to create solutions that enable private and public sector organisations to understand their customers, manage risk, and prevent fraud. So far, the company has helped its customers and clients save over GBP 5 billion. 

More: Link


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Keywords: fraud management, fraud detection, fraud prevention, partnership, online security
Categories: Fraud & Financial Crime
Companies:
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime

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