Insurer AXA UK joined forces with insurtech Synectics Solutions

Insurer AXA UK is joining forces with Synectics Solutions, specialises in combating financial crime through innovative technology, including a syndicated fraud database and advanced analytical tools.

This strategic collaboration aims to avert potential financial losses by leveraging sophisticated data analysis and fraud detection technologies.

This partnership focuses on employing Synectics Solutions’ fraud prevention tool, SIRA, to enhance AXA UK’s anti-fraud measures.

The collaboration revolves around using Synectics Solutions’ SIRA platform, which includes a syndicated fraud database from 180 organisations and a Real-time Quotes tool.

Insurer AXA UK joined forces with insurtech Synectics Solutions

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.

Peter Sonner   by Peter Sonner