Ageas signs up to anti-fraud database

Ageas has signed up to the Syndicated Intelligence for Risk Avoidance (SIRA) anti-fraud database as its steps up its fight against fraud.

The insurer is deploying SIRA at the underwriting stage, enabling it to check information provided within a new business proposal against known fraud data recorded by other financial organisations, including insurers, banks and building societies.

SIRA, which is provided by Synectics Solutions, also allows the claims team to identify third party claimants who have previously been involved in fraudulent activity with any of the other SIRA members through syndicated data sharing.

The database will initially be used for Ageas’s motor customers, with plans to launch to household and travel customers. The intelligence gained from SIRA will be used to flag potential risk factors which Ageas can then investigate and take action where appropriate.

Ageas Insurance Limited’s underwriting director Adam Clarke said: “The launch of SIRA will become an important part of our armoury against those who intentionally attempt to commit fraud, validating risk data and rewarding honest customers.

“I strongly believe that it is vital for insurance and financial services companies to work more closely to prevent fraud. We are very encouraged by the positive attitude of our brokers and are supportive of the actions that they are also taking to defeat fraud.” 

SIRA’s head of sales Stephen Wishart said: “We are delighted that a company of the scale of Ageas has adopted SIRA, further strengthening the data that members have access to and improving the opportunity to detect and prevent fraud from impacting the industry even further.”