The tool, called Precision, plots future customer behaviour predictive using algorithms and data analysis. It is supposed to give honest customers a smooth and swift transaction, while tackling potential fraud before it happens based on past behaviours.
Synectics Solutions has said that the speed at which customer interactions take place online is increasing and so the need for insurers to accurately predicting future behaviour based on past experience is becoming ever more necessary to make quick decisions for an impatient consumer.
Working in partnership with DataRobot, which incorporates expertise from some of the world’s leading data scientists, Synectics Solutions offers Precision alongside its other analytical and fraud prevention software, Orion and SIRA.
Osman Khurshid, Precision product manager at Synectics Solutions said: “Predictive analytics in the prevention of financial crime will become increasingly essential in proactively identifying and combating risk. After months of research and development we are delighted to have successfully deployed Precision with esure.
“esure are using Precision in combination with SIRA to respond quickly to high risk claims, monitor upcoming trends and risks, process genuine claims and improve their customer journey.
Khurshid added that the company was working closely with a number of our other clients in the insurance and banking industries to provide predictive analytics capabilities through Precision.
Matt Gilham, head of financial crime at esure said: “While we already employ a range of procedures and technologies to identify claim fraud, Precision allows us to quickly implement enhanced, technical machine-learning capability to drive incremental benefit and improve operational efficiency through the seamless integration with our existing workflows.”