AXA UK has formed a partnership with Synectics Solutions to bolster its insurance fraud prevention capabilities.
Under the alliance, AXA UK will gain access to the SIRA fraud prevention solution, which leverages a syndicated fraud database from 180 entities.
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Synectics Solutions will also offer its real-time quotes (RTQ) tool and outcome orchestration solution to AXA UK to enable automated and enhanced risk decisions.
According to the Association of British Insurers, there were 89,000 fraudulent claims filed against the insurance business in 2021, costing the industry a total of £1.1bn ($1.39bn).
AXA UK’s two brands, MOJA and Swiftcover, will also be covered under the partnership.
Synectics Solutions said the demand for advanced technology to combat fraud is rising as fraudsters are increasingly tricking insurers with AI.
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By GlobalDataThe fraud prevention technology vendor added that it was selected by AXA UK after they collaborated and developed a proof of concept that integrated AI with syndicated data.
Synectics Solutions claimed that the proof of concept showed enhanced fraud detection and accelerated fraud identification capabilities, lowering fraud-related expenses.
AXA retail direct director David Pearce said: “Our partnership with Synectics Solutions signifies a further step forward in our commitment to tackling fraud.
“We believe that this strategic investment becomes increasingly important as the industry is facing increases in claims’ costs and by reducing fraudulent activity, we can ensure genuine customers don’t have to pick up the costs of fraudsters.”
Synectics Solutions business development manager Richard Daley said: “We are thrilled to collaborate with AXA UK in the fight against fraud. Our technology, combined with AXA UK’s commitment to security, will lead to a safer insurance environment for all stakeholders.”
Last week, AXA UK said it is offering body cameras to contractors so that they can document critical safety work on structures with combustible insulation and cladding.
