Leading UK insurer adopts predictive analytics to fight fraud

One of the global leaders in data driven software solutions has launched an enhanced predictive analytics tool that will enable organisations to plot future customer behaviour and avoid potential risk.

 Precision has been successfully piloted by leading UK insurer, esure, and has helped the company to give honest customers a smooth and swift transaction, while tackling potential fraud before it happens based on past behaviours.

 The speed at which customer interactions take place online is increasing and so accurately predicting future behaviour based on past experience is becoming ever more necessary to make quick decisions for an impatient consumer. 

 Precision represents a highly configurable, enhanced suite of predictive algorithms and data analysis, provided as a service that gives organisations all the analytical capabilities and data science expertise they need to deliver a truly cost effective, competitive edge.

 Working in partnership with DataRobot, which incorporates expertise from some of the world’s leading data scientists, Synectics Solutions will offer Precision alongside its other analytical and fraud prevention software, Orion and SIRA, for truly world-beating customer insight capability.

 Osman Khurshid, Precision Product Manager at Synectics Solutions said: “Predictive analytics in the prevention of financial crime will become increasingly essential in proactively identifying and combating risk.  After months of research and development we are delighted to have successfully deployed Precision with esure.

 “esure are using Precision in combination with SIRA to respond quickly to high risk claims, monitor upcoming trends and risks, process genuine claims and improve their customer journey.

 “We are working closely with a number of our other clients in the insurance and banking industries to provide predictive analytics capabilities through Precision as we roll out this exciting new product.”

 As well as providing a predictive modelling platform that's capable of analysing the largest of data sets and producing actionable results in real-time, Precision also provides access to leading data scientists.

Its multi-layered approach offers the ability to combine machine-learning functionality with leading edge data science to deliver incredibly fast and highly accurate insight and predictions that can transform a company's ability to make quicker, more successful decisions across a variety of scenarios.

Matt Gilham, Head of Financial Crime at esure said: “While we already employ a range of procedures and technologies to identify claim fraud, Precision allows us to quickly implement enhanced, technical machine-learning capability to drive incremental benefit and improve operational efficiency through the seamless integration with our existing workflows.”

For more information on Precision please call 01782 664000 or email info@synectics-solutions.com