How to reduce your post-application fraud referral rates

IMPROVEMENTS IN SIRA’S RTQ (REAL-TIME QUOTE) SOLUTION RULE SET GETS AWARD NOMINATION FOR ALLIANZ AT INSURANCE TIMES AWARDS

SIRA’s Real-Time Quote (RTQ) solution has been providing members of the National SIRA community with the ability to screen policy applications at ‘point of quote’ for over 6 years. Clients using RTQ have reported being able to reduce their post app fraud referral rates by as much as 20%, which equates to huge savings in reduced investigation/administration costs.

At the same time, RTQ provides the ability to reduce the risks of onboarding ‘bad-business’ much earlier in the customer journey thereby further protecting companies from losses to fraud.

To enhance the capabilities of the RTQ solution, we have improved the range of data items that can be incorporated into the rule engine to make it even more effective at identifying fraud - while also opening up commercial insurance as a sector that can make use of the service.

• CLIENTS USING RTQ EXPERIENCE 20% REDUCTION IN POST APPLICATION FRAUD REFERRAL RATES
• SIRA’S RTQ SERVICE CAN NOW BE USED TO FRAUD SCREEN COMMERCIAL POLICY UNDERWRITING
• ENHANCED SCREENING DATA CREATES 9% UPLIFT IN IDENTIFICATION OF FRAUD AT POINT OF QUOTE
  
  

MarkerStudy

As part of this work, we’ve added in the ability to include ‘Email Address’ and ‘Telephone’ data items into RTQ’s rule set to help clients improve and refine RTQ’s fraud rules.

A recent Proof of Concept (PoC) with an RTQ client showed that by enhancing their RTQ ruleset to incorporate some of these new data items created a 9% uplift in their adverse policy identification from the previous implemented ruleset.

Markerstudy have been a user of RTQ for some time and Craig Lawrence, Head of Technical Services at Markerstudy said the following about how effective RTQ had been for their business;

"Before we had the SIRA RTQ capability we were being severely hampered by “Repeat Offender” fraud cases. These were risks we had identified, investigated and ultimately removed from cover in line with CIDRA. However, there was little to prevent the same PH coming straight back on cover through our various channels. In one case, we saw the same risk 43 times! The RTQ rules meant we were able to ensure that this was no longer possible - subject to an Inconsistent, Fraud or High Risk status set on SIRA. The positive impact of SIRA RTQ on resource was significant, not to mention the uplift in morale of the team who were no longer having to continually repeat the process on the same entity. In addition, using the system to filter out additional fraud before it comes on the books has provided our teams the opportunity to proactively find the fraud in other areas, build new strategies accordingly to further reduce our fraud exposure.

"SIRA RTQ is a great example of technology working for the business, and ultimately its customers, to reduce the cost of fraud."

CRAIG LAWRENCE, HEAD OF TECHNICAL SERVICES

Both new and existing SIRA clients can take advantage of the improvements and if you would like to explore the benefits of improving your ability to reduce fraud at ‘point of quote’ then please do get in touch with your Client Success Manager at Synectics or call 0333 234 2414 and ask to speak to Chris Hallett.

Downloading the full edition of Connect

In this issue:

• Is APP Fraud and Payee Authentication likely to be the most pressing fraud issue in 2021?
• How to build an effective CBIL/BBLS loan recovery strategy
• How are financial criminals using COVID-19 to adapt their operations?
• Discover the latest National SIRA fraud trends for 2020
• Find out how Allianz is using SIRA RTQ to create an award winning policy screening solution
• Yoti discuss the future of digital onboarding customers
• VRS – update on helping to identify and protect the financially vulnerable

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