MS Amlin enhances fraud detection capabilities through Synectics partnership

The European unit of MS Amlin has expanded its partnership with data insight specialist Synectics in a strategic move that will enhance fraud detection and prevention measures at the quote, policy, and claims stages, across multiple lines of business.

The MS Amlin unit, MS Amlin Insurance, which has previously worked with Synectics to increase fraud detection rates relating to motor insurance, is now planning to integrate the firm’s National SIRA – the UK’s largest syndicated database of cross-sector customer risk intelligence – with processes and digital platforms serving the agriculture and commercial property markets.

From what we understand, SIRA will be used to risk score both policy and claims applicants. However, SIRA’s Real Time Quote (RTQ) capabilities, which in this case will be accessed via a third-party system already in place, will be of particular benefit for customer onboarding.

In addition, the solution will also allow for users to cross-check customer details with over millions of intelligence records for fast, risk-appropriate quotations.

As part of the newly expanded relationship with Synectics, MS Amlin’s fraud team will also leverage consultancy services from the provider to expand and enhance its fraud prevention strategy for the benefit of its customers.

Dean Fletcher, Digital SME Manager at MS Amlin Insurance, commented: “Our deep underwriting expertise sets us apart. We can often insure against risks that other providers simply can’t – especially in highly specialist areas like agriculture equipment insurance. What’s more, our digital platforms deliver competitive cover and pricing with speed and efficiency.

“With SIRA, we have an opportunity to bolster this offering, retaining our reputation for fast, comprehensive service while also delivering the peace of mind that comes from knowing stringent fraud detection measures are in place at every stage – from the initial quote to specific claim.”

Osman Khurshid, Chief Client Officer at Synectics, said: “At Synectics we have the benefit of working with an extensive network of insurers and analysing vast quantities of syndicated data gives us unparalleled insights into not only the existing patterns but emerging trends too. This insight allows us to not only provide hidden insights but also to anticipate them, providing our clients with the right data at the right time to make accurate decisions.”

Adding: “Our partnership with MS Amlin Insurance is a prime example of how we can transform data into actionable intelligence, empowering them to take decisive action against fraudsters whilst providing a seamless customer experience for good customers. By leveraging our SIRA platform and strategic consultation services, MS Amlin Insurance can enhance their fraud detection capabilities, understand emerging threats, and ultimately protect their customers.

“We are passionate about enabling our clients to harness the full potential of our intelligence, and it’s incredibly rewarding to see MS Amlin Insurance utilising these insights to such great effect. We’re thrilled to continue strengthening our partnership with them as we work together to stay ahead of emerging fraud trends and challenges in the insurance industry.”

In related news, Chief Executive Officer (CEO) of MS Amlin Asia Pacific, William Ho, in a recent video interview with our insurance-linked securities (ILS) focused sister publication, Artemis, discussed the re/insurer’s series of Phoenix sidecar transactions.

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