Synectics Solutions was delighted to sponsor the Insurance Innovators Conference for a second consecutive year which once again provided a fascinating insight into current fraud trends and talking points across the insurance industry.
Some excellent topics were discussed at the event including how we at Synectics Solutions have seen how Artificial Intelligence has been revolutionary in helping to predict fraud.
Collaboration
One of the key areas of focus was the importance of data and information sharing both within the business and external organisations it was also discussed how collaboration is key to successfully combating fraud. By collaborating and sharing the right type of data, organisations can achieve common aims in the fight against criminal activity.
Internal Collaboration
It’s essential that different teams within an organisation talk to each other to help combat risk. Smart collaboration and ongoing process improvement can help to keep fraud in check internally and make companies a less attractive target for fraudsters who are looking to exploit weaknesses. A perfect example is the communication between fraud intelligence teams and the actuaries to ensure that the latest fraud trends and patterns are catered for within the pricing models ensuring the business is protected as early as possible.
Industry Collaboration
Sharing data more widely across the insurance industry is also extremely beneficial. There have been a range of great wins for the insurance sector where organised fraud gangs have been convicted off the back of an investigation with included collaboration from a range of organisations.
SIRA, the Synectics Solutions fraud detection and prevention solution, is a community dedicated to defeating fraud and financial crime. Over 130 financial organisations nationally contribute daily to the database and it provides multiple industry leading intelligence sources for insurance companies to tap into.
There’s also the Insurance Fraud Bureau (IFB) - an organisation committed to preventing organised insurance fraud. IFB members can now use the intelligence in national SIRA – to match their own data against which is a win-win for insurance companies because they are benefiting from data shared by other insurers.
Collaboration outside the insurance industry
Fraud and financial crime are issues that span across a range of different business sectors which can’t be tackled alone. So, as well as just sharing data with companies in the insurance sector, insurers can benefit from data sharing in completely different sectors as well such as banking, retail and telecommunication as research has proved fraudsters will try to commit fraud against any organisations regardless of sector
A prime example of this is the Government Cabinet Office’s National Fraud Initiative which brings together thousands of data sets encompassing hundreds of millions of records. The data sets range from housing claims to deceased records which insurers can benefit from in terms of their own data matching
There’s no doubt that significant results can be achieved through collaboration – whether that’s within an organisation, across the insurance sector, or across boundaries spanning into other sectors completely.
Find out more about the ABI’s work on tackling fraud here.