Insurance Times Awards 2022: Quantexa’s Syneo platform provides ‘scale, breadth and control’ to support fraud identification

Explain briefly about your entry in the Excellence in Technology - Fraud Claims category.

At Quantexa, we are motivated by improving operational performance for insurance providers that are looking to prevent fraudulent claims.

For the majority of insurers, the key challenge here is generating a contextual, connected view of relevant data – or in other words, a single customer profile

Quantexa Syneo enables teams to be data driven and intelligence led, connecting insights across billions of internal and external disparate and siloed data points.

It delivers a holistic view of risk, enabling improved prioritisation and uncovers hidden patterns and suspicious events.

This enables insurers to make more trusted and accurate decisions across the insurance value chain to protect both their customers and their organisation from the ramifications of fraud.

What do you think makes your entry stand out or different from your competition?

Our clients welcome the scale, breadth and control that Quentexa Syneo provides.

Traditionally, insurers use a combination of home built rules and machine learning models that are coupled with a complex variety of detection, investigation and visualisation tools. This is complex to manage, expensive to maintain and leads to inconsistencies in the way the business tackles fraud. It also means that more sophisticated fraud schemes can slip through the net.

One Quantexa customer has successfully deployed our platform across more than 15 different business units in 10 regions, providing coverage of a €20bn (£17.2bn) portfolio.

It used real-time, dynamic entity and network generation to adapt and change investigation tolerance levels on the fly, while simultaneously scaling the solution across 250 million customers.

What would winning this award mean to you and your firm?

It would mean that Quantexa has been recognised as a global leader in decision intelligence (DI) solutions for the public and private sectors.

It would also show the industry how we are already helping insurance firms improve their fraud fighting performance by leveraging data and the power of context to generate more meaningful insights for improved decision-making.