Next-generation insurance distributor Abacai has partnered with counter-fraud data specialist Synectics Solutions in a mission to transform motor insurance into a customer-centric industry.
Using Synectics’ fraud detection database National SIRA, Abacai will deploy real-time customer risk-screening throughout its full customer lifecycle.
This will help Abacai make faster, more accurate decisions with fewer verification processes, ultimately improving overall customer experience while protecting the business from fraudulent activity.
The partnership furthers Abacai’s goal to make motor insurance fairer, more accessible, and more affordable by leveraging digital solutions and AI.
“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,” said Abacai chief data science officer Pierre du Toit (pictured). “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,” du Toit added.
“Like us, Abacai is committed to using data for . . . preventing fraud and making sure more people can access the insurance products they want at an affordable price,” said Murray Raw, of Synectics Solutions.
“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.”
Abacai has developed its own insurtech to proactively screen for fraud and control fraud-related costs, which it uses alongside the National SIRA database.
