Deals: Abacai Tech Signs Up With Synectics Solutions

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Digital-first insurtech, Abacai Technologies, has partnered with counter-fraud data specialist Synectics Solutions as part of its mission to make motor insurance more customer centric. Abacai will use Synectics’ National SIRA, the UK’s largest syndicated database of cross-sector customer risk intelligence, throughout its full customer lifecycle. Real-time screening will be deployed across point-of-quote, point-of-sale, and point-of-claim. In 2021 Synectics processed over 1.5Bn real-time quotes so the Abacai team will be in good company.

The deployment helps Abacai make faster, more accurate decisions with fewer verification processes. Ultimately improving overall customer experience while also protecting the business from fraudulent activity. In addition to using the Synectics’ National SIRA database, Abacai developed its own proprietary machine learning algorithms that proactively screen for fraud. This helps Abacai continuously improve how they identify and control fraud related costs.

Abacai launched a new consumer facing insurance brand in 2021 – boom. It aims to make access to affordable motor insurance easier, faster and fairer by leveraging digital solutions and Artificial Intelligence (AI) with a difference.

“The difference being the quality and accuracy of the data we use, the sophistication of our algorithms and the way we blend AI with a human touch”, said Chief Data Science Officer Pierre du Toit. (pictured)

“AI has huge potential to streamline and improve the entire motor insurance experience – from ensuring members of the public can get an affordable quote in a split second, to guaranteeing genuine claimants receive pay-outs quickly. But only if the data driving AI-based solutions has real-time accuracy. Otherwise, you start to run the risk of the wrong people being rejected or overcharged, or potential fraudsters being missed.

“Having the right human expertise in-house at Abacai is part of our answer to this as it ensures we are constantly reviewing and improving our AI models. The other is partnering with organisations with people and products committed to data quality. Which is exactly why we have chosen to work with Synectics.”

Murray Raw, Head of Business Development at Synectics Solutions, said: “Like us, Abacai is committed to using data for good. For preventing fraud and making sure more people can access the insurance products they want at an affordable price. We are thrilled that they are using National SIRA’s ‘real’ intelligence – our combination of unique data, award winning analytics tools and extensive sector knowledge to help them build an Insurtech business that disrupts the industry for the benefit of the customer.”

About alastair walker 8741 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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