Ageas has signed up to the Syndicated Intelligence for Risk Avoidance (SIRA) anti-fraud database from Synectics Solutions.
With application fraud on the rise – adding approximately £50 to customer premiums, according to Ageas – the insurer is deploying SIRA at the underwriting stage, checking information from new business proposal against known fraud data held by other financial organisations including insurers, banks and building societies.
SIRA also allows a claims team to identify third party claimants who have previously been involved in fraudulent activity with any SIRA member, through syndicated data sharing.
It will initially be used for Ageas’ motor customers, although the group has plans to launch SIRA for household and travel customers.
Commenting on the development, Ageas underwriting director, Adam Clarke, says: “The launch of SIRA will become an important part of our armory against those who intentionally attempt to commit fraud, validating risk data and rewarding honest customers.”
Category: Ageas News, Car Insurance News
