Insurance Times Awards 2024: Synectics provides insurtech with ‘92% accuracy’ solution for warranty claims fraud

1. Why did you put yourselves forward for the Excellence in Fraud Mitigation – Service Provider category?

We have a very simple policy when it comes to awards. If we haven’t made a significant difference to a customer, or to the wider insurance sector, we don’t enter. Here, we have – on both counts.

We helped one of our clients to implement a fraud prevention strategy that, based on current results, will provide significant fraud savings and improve its end customer experience.

And because the project was the first of its kind – focusing specifically on the field of warranty claims fraud prevention in automotive – promoting the results will hopefully improve awareness of risk mitigation measures in this field.

2. What do you think makes your entry stand out and why should you win the award?

The results really stand out. The solution we built for this particular client helps it detect cases of automotive warranty claims fraud with 92% accuracy.

It’s also important to say that these results would not have been possible without our syndicated fraud database – National SIRA, which is something unique to Synectics.

Fraud identification has not been a priority within the automotive warranty sector, which led to a significant amount of nefarious activity, so we took on the challenge to create a systematic approach.

We leveraged industry leading fraud data through National SIRA with a combination of industry expertise through complex rules, resulting in extremely positive results.

3. What would winning this award mean to you and your firm?

We would be thrilled to win this award as it would be a recognition of our ethos of ‘coming together of a diverse group of people to solve a common problem’.

This work highlighted not only how we seek to collaborate with our clients, but also the impact we can make on the whole automotive warranty industry.

For years we’ve innovated, pioneered and implemented solutions to help tackle fraud and wider financial crime for the benefit of our customers, their customers and society as a whole.

It’s important to us that we keep demonstrating what’s possible by breaking new ground in fraud prevention.