At a time when application fraud is on the rise adding approximately £50 to customer premiums, Ageas is deploying SIRA at the underwriting stage of the customer journey, allowing the company to check information provided within a new business proposal against known fraud data recorded by other financial organisations, including insurers, banks and building societies.
SIRA also allows the Claims team to identify third party claimants who have previously been involved in fraudulent activity with any of the other SIRA members through syndicated data sharing.
SIRA will initially be used for Ageas’s Motor customers, with plans to launch to Household and Travel customers. The intelligence gained from SIRA will be used to flag potential risk factors which Ageas can then investigate and take action where appropriate.
Commenting on the new arrangement, Adam Clarke, Underwriting Director, Ageas Insurance Limited said: “The launch of SIRA will become an important part of our armoury against those who intentionally attempt to commit fraud, validating risk data and rewarding honest customers.
“I strongly believe that it is vital for insurance and financial services companies to work more closely to prevent fraud. We are very encouraged by the positive attitude of our brokers and are supportive of the actions that they are also taking to defeat fraud.”
Stephen Wishart, Head of SIRA Sales added: “We are delighted that a company of the scale of Ageas has adopted SIRA, further strengthening the data that members have access to and improving the opportunity to detect and prevent fraud from impacting the industry even further.”
The addition of SIRA complements Ageas’s already strong fraud detection and prevention process where the company is also using (amongst other strategies) the Claims and Underwriting Exchange at point of processing (launched in 2010), combined with a new dynamic pricing structure for car insurance, using publicly available data from a variety of sources to offer more informed quotations and an improved customer journey.