The collaboration between Mitek Synectics Solutions is aimed at tackling the menace of digital fraud within the insurance industry in the United Kingdom. In particular, the collaboration allows insurers to identify fraudulent claims earlier, as well as provide equal access to cover.
In addition, the solution integrates the anti-spoofing technology by Mitek together with the fraud orchestration system by Synectics Solutions, as well as National SIRA – an authoritative consortium for risk intelligence across sectors.
However, at the same time, there is also growing demand for insurers to minimize their fraud losses. Insurers also need to meet the requirements set forth in the Financial Conduct Authority’s Consumer Duty regulations. This legislation obliges firms to provide fair results and exclude exclusions of eligible individuals from insurance cover. This makes Mitek Synectics partnership an ideal balance of both demands and risks.
Insurers identify over £1 billion worth of frauds each year, according to the Association of British Insurers (ABI). Furthermore, fraudsters are utilizing digital identity platforms for fraud with synthetic identities and artificial documents. Thus, insurers need new anti-fraud measures.
Strengthening Fraud Detection with Shared Intelligence
By combining verified identity signals from Mitek with Synectics’ shared intelligence network, insurers gain deeper insights into applicant risk. In addition, this approach allows firms to approve more genuine customers with confidence. This includes individuals with limited credit histories, often called “thin-file” applicants.
“Fraud is moving faster than traditional controls can respond. Insurers shouldn’t have to choose between strong fraud controls and fair customer outcomes,” said Tim Barber, Vice President, EMEA Sales at Mitek. “Together with Synectics, we’re helping UK insurers strengthen identity certainty so they can grow responsibly without increasing fraud.”
Furthermore, the partnership highlights the importance of collaborative data sharing. It enables insurers to identify patterns that would otherwise remain hidden across isolated systems.
“Cross-institution intelligence and data sharing are essential in the fight against fraud,” said Chris Lewis, Director Strategic Solutions and Analytics at Synectics Solutions. “Only by pooling information can we uncover the hidden links and patterns that no single institution can detect alone. Combining verified identity with shared intelligence means that insurers can act faster on new risks while allowing genuine customers to access cover with greater confidence.”
Finally, the integration allows insurers to embed Mitek’s identity verification directly into Synectics’ platform. This ensures a seamless digital journey while improving risk visibility. Hence, the Mitek Synectics partnership continues to support insurers in tackling fraud without compromising customer experience.
To explore how Security Operations Centers (SOC) play a crucial role in defending against modern cyber threats, read our latest SOC News.
Source: Businesswire
