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Insurance company signs up to anti-fraud database

Business news from the Lynn News, lynnnews.co.uk, @lynnnewscitizen on Twitter

Business news from the Lynn News, lynnnews.co.uk, @lynnnewscitizen on Twitter

A West Norfolk insurance broker has become the first in the UK to sign up to an anti-fraud database.

With fraud thought to be costing motorists up to £50 per motor policy in additional premiums, Adrian Flux will use SIRA (the Syndicated Intelligence for Risk Avoidance) database to check information from new business proposals against known fraud data shared on the system by other financial organisations.

The system, powered by Synectics Solutions, is already used by more than 20 insurers, but Flux is the first broker to adopt the solution as an underwriting aid to enhance its current anti-fraud and risk management processes.

Gerry Bucke, general manager at Flux, which includes the Herts Insurance Consultants, Bikesure and Chartwell brands, said: “This shows our commitment to combating motor insurance fraud, and will complement our existing fraud detection procedures and speed up our identification verification processes at the inception of a policy.

“In our opinion, brokers should be at the forefront of fighting fraud and helping to reward honest motorists by cracking down on those responsible for increasing premiums for everyone on the road.”

The Flux group has delegated underwriting authority on a range of motor insurance schemes, and Mr Bucke said it was better to root out those guilty of known fraud offences at the point of sale rather than waiting for a claim to occur before investigating.

SIRA helps to do just that, allowing members to both contribute to and screen against a database holding details of fraudulent activity provided by financial institutions including insurers, banks and building societies.

 
 
 

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