AXA UK, a leading insurance provider, is joining forces with Synectics Solutions, an expert in fraud prevention.
AXA UK is renowned for its comprehensive insurance services, while Synectics Solutions specialises in combating financial crime through innovative technology.
This partnership focuses on employing Synectics Solutions’ fraud prevention tool, SIRA, to enhance AXA UK’s anti-fraud measures. This strategic collaboration aims to avert potential financial losses by leveraging sophisticated data analysis and fraud detection technologies.
AXA UK is a prominent insurance company offering a wide range of products, from motor to property insurance. Synectics Solutions, on the other hand, provides a range of fraud prevention solutions, including a syndicated fraud database and advanced analytical tools.
The collaboration revolves around using Synectics Solutions’ SIRA platform, which includes a syndicated fraud database from 180 organisations and a Real-time Quotes tool. This technology allows AXA UK to make informed risk decisions, especially when dealing with insurance claims and applications.
In 2021, the insurance industry witnessed fraudulent claims of £1.1 billion, highlighting the necessity of this partnership. Synectics Solutions’ SIRA platform will assist AXA UK, including its brands MOJA and Swiftcover, in improving fraud detection and decision-making processes.
After a thorough selection process and a successful proof of concept combining syndicated data with AI, AXA UK chose Synectics Solutions. This decision reflects the growing need for advanced technology to counter AI-enabled fraud tactics.
“Thrilled to collaborate with AXA UK in the fight against fraud,” said Richard Daley, Business Development Manager at Synectics Solutions. “Our technology will lead to a safer insurance environment,” he added. David Pearce, Director, Retail Direct at AXA, commented, “Our partnership with Synectics Solutions is a significant step in our commitment to tackling fraud, ensuring genuine customers are not burdened by the costs of fraudsters.”
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