Insurer says there is a ’growing need for advanced technology to counter evolving fraud’
Axa UK has revealed that it will enhance its fraud prevention measures as scammers increasingly use artificial intelligence (AI) to deceive firms.
In a statement released yesterday (27 November 2023), the insurer said there was a “growing need for advanced technology to counter evolving fraud”.
To do this, the firm has teamed up with Synectics Solutions to use its Sira platform, which is a syndicated database of cross sector customer risk intelligence in the UK.
Its real-time quotes tool will allow Axa to use national data when trading on aggregator websites to make better risk decisions, while its outcome orchestration feature creates an automated way of dealing with applications to help refine decision making.
David Pearce, director of direct retail at Axa, said: “Our partnership with Synectics Solutions signifies a further step forward in our commitment to tackling fraud.
“We believe that this strategic investment becomes increasingly important as the industry is facing increases in claims costs and by reducing fraudulent activity, we can ensure genuine customers don’t have to pick up the costs of fraudsters.”
Axa UK selected Synectics Solutions following a process where the two organisations collaborated on a proof of concept that combined syndicated data with AI.
Axa said this demonstrated improved fraud detection and sped up the identification process, helping reduce costs.
Richard Daley, business development manager at Synectics Solutions, said: “We are thrilled to collaborate with Axa UK in the fight against fraud.
“Our technology, combined with Axa UK’s commitment to security, will lead to a safer insurance environment for all stakeholders.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
Now working within the insurance sector, James has a particular focus on motor, M&A activity and financial reporting.View full Profile