Synectics Solutions and 360Globalnet are pleased to announce a partnership which will see Synectics offer 360Retrieve as its unstructured data solution. Insurance and other Financial Services customers will be able to receive a consolidated output of unstructured data from both the SIRA and 360Retrieve platforms.

Synectics are a leading financial crime risk management platform provider whose fraud detection database, National SIRA, offers market-leading collaborative anti-fraud intelligence services. National SIRA has already prevented over £4 Billion in losses to fraud for the Insurance and Banking sectors for clients across the UK, Canada and the USA.

360Retrieve is an advanced unstructured data analytics platform where “locked up” text-based information can be turned into analysable data for enhanced anti-fraud results, injury and legal claims profiling, and GDPR compliance.

This data will now be available for Synectics clients to integrate into their National SIRA platforms to take advantage of this valuable source of ‘unstructured’ intelligence.

Russell Mackintosh, Head of Partnerships at Synectics, said: “Ensuring that we’re offering our clients the very latest technology to help them improve their fraud and wider financial crime prevention capabilities is at the heart of our strategy. Providing the SIRA community with the ability to analyse unstructured data and incorporate that with other intelligence is an exciting step, and one which I’m delighted we’ve taken in partnership with 360Globalnet.”

Paul Stanley, CEO 360Globalnet, says: “We are delighted to announce a partnership with Synectics where we combine the best of our differing anti-fraud and profiling technologies for the benefit of Insurance and Financial Services customers.”

The Synectics Solutions announcement can be found here.

How SIRA benefits the claims sector within the insurance industry

  • Real-time fraud scoring: Obtain a risk-score in real-time based on your defined risk strategy for each individual (1st party, 3rd parties, witnesses) associated with a claim.
  • Fraud claims handling services: Leverage the in-house Synectics team of fraud experts to investigate suspected fraud.
  • Ease of Deployment – Provided as Software as a service to reduce technical requirements from IT and Operations.

About Synectics

Synectics Solutions is a technology provider with over 27 years’ experience delivering fraud and financial crime prevention solutions to organisations globally. Its flagship anti-fraud solution ‘SIRA’ has helped to prevent over £4 Billion in losses for its clients and represents one of the market leading fraud prevention intelligence resources in the insurance and banking sectors.

Formed in 1992 and privately owned by Kevin and Carol Shanahan Synectics is based in Stoke-on-Trent in the UK and currently employs over 360 people.

The company’s client focus has ensured it has become renowned in the markets in which it operates for delivering highly configurable, cost effective, software solutions that meet clients’ complex needs.

How SIRA benefits the claims sector within the insurance industry

  • Real-time fraud scoring: Obtain a risk-score in real-time based on your defined risk strategy for each individual (1st party, 3rd parties, witnesses) associated with a claim.
  • Fraud claims handling services: Leverage the in-house Synectics team of fraud experts to investigate suspected fraud.
  • Ease of Deployment – Provided as Software as a service to reduce technical requirements from IT and Operations.

About 360Globalnet

360Globalnet is an international digital technology and services business focused on the worldwide insurance industry.

It provides digital online platform technology to revolutionise the insurance claims process, offering personal and business customers a highly responsive online experience.

The business is owned by its management and invested in by DXC Technology of the USA, and a number of seasoned insurance investors.

Formed in 2010 by entrepreneurs with a proven track record of developing transformational technologies, the products and services 360Globalnet offers today reflect the multi-million-pound investment in a strategic digital vision of insurance, envisioned at the outset.

A customer-driven approach, utilising mobile devices, enables businesses to ‘see every claim’ and anticipate every risk. Today, these technologies are used by some of the world’s leading insurance companies, providing a customer-driven service to match the best online retailers.

Benefits/Use Cases of 360Retrieve

360Retrieve automates what are often manual processes in terms of identifying information and intelligence within documents, forms, email etc:

  • Fraud deployments - on average an increase of 30% of red flagged personal injury claims over incumbent systems and processes.
  • Personal Injury identification of between 10% and 23% of large loss claims not previously referred in manual referral systems. In addition, the identification of incubated claims through unstructured data analysis.
  • GDPR - dealing with Subject Access Requests (SAR’s) and identifying all documents where the “Subject” exists. Fines for non-compliance to GDPR are up to €10M or up to 2% of Global turnover – whichever is the greater.