2013 sees Synectics Solutions celebrate 21 years of trading and announce record business growth. The business, an independently owned data management company providing managed database services and fraud prevention solutions to the insurance industry, has experienced 25% growth in turnover, year on year for the last five years.
Synectics doubled the size of its insurer client base in 2012, including contracts for its SIRA fraud prevention and detection solution with Ageas, Eldon Insurance, LV=, Premier Underwriting and Tesco Underwriting. In tandem, SIRA has been implemented across an expanding range of business lines; covering Personal, Commercial and Life.
SIRA enables clients to take control of their fraud prevention strategies, eliminates the need to refer to multiple data sources by integrating and streamlining processes and can be used real time or via an overnight batch facility. Powered by a sophisticated decision and workflow engine SIRA can be configured to meet specific client needs and markets, identifying potential fraud and high risk attributes at policy inception, mid-term adjustments, renewal and FNOL.
Commenting on the decision to select Synectics, Geoff Carter from Tesco Underwriting, which went live with SIRA in April 2013 , explains: “As part of a programme to strengthen our fraud prevention controls, Tesco Underwriting reviewed a number of solutions and selected the Synectics’ SIRA product. The decision to use SIRA was based on it being an established solution in the market, it provided the functionality and transparency we required and it provided access to a valuable database of known fraud risks.”
Kevin Shanahan, Managing Director, Synectics Solutions said: “We are delighted to be expanding our footprint in the insurance space even further, branching out to help the industry to combat fraud across multiple lines of business. Innovation is vital to equip the industry to counter emerging fraud trends and 2013 will also see Synectics data being used at different points in the insurance life cycle. We are excited by the opportunities this will represent to assist our clients further and protect their bottom lines from the impact of insurance fraud.”
