Synectics Solutions partners with 360Globalnet, bolstering insurance proposition

Synectics Solutions has partnered with 360Globalnet, to strengthen its proposition in the motor insurance market.

The partnership will bring together Synectics’ National SIRA fraud database and sector expertise, with 360GlobalNet’s ability to analyse unstructured data via its 360Retrieve service.

360Retrieve is an advanced unstructured data analytics platform where “locked up” text-based information can be transformed into analysable data for enhanced anti-fraud results, injury and legal claims profiling, advanced management information and GDPR compliance.

Richard Wood, CEO at Synectics Solutions, a leading provider of fraud and identity solutions based on syndicated data and predictive analytics commented: “In an insurance market that faces the risk of fraud, financial crime and data errors on a daily basis, it’s essential that we form meaningful partnerships, such as that with 360Globalnet. By creating a compelling insurance proposition, enabling our clients to improve claims processes and reduce fraudulent claims by making unstructured data more easily analysable, we can continue to help insurers to easily control their own risk strategies, dynamically adjusting to their organisation’s needs and the ever-changing risk landscape they inhabit.”

National SIRA is the largest syndicated database of cross sector customer risk intelligence in the UK. It has over 160 members contributing more than 300 million records and has thus far helped to save its contributors over £3 billion.

Paul Stanley, CEO 360Globalnet, an advanced unstructured data analytics platform, said: “There are significant new challenges on the horizon for insurers that could be exploited more quickly than they can react. Our aim is to work with Synectics Solutions and SIRA to prevent data issues becoming the hole into which claims costs are needlessly poured.”

Synectics Solutions, a UK Government Specified Anti-Fraud organisation, has prevented over £4.8 billion being lost to fraud for insurers and bankers, in addition to helping the UK Government save over £1.7 billion in losses to fraud.