BAE Systems has secured an extension to its eight-year partnership with Zurich UK, the UK subsidiary of the global insurance group. From this month, BAE Systems will provide Zurich UK with its NetReveal Property & Casualty Fraud solution for deployment across multiple business areas, including commercial lines, to boost fraud detection, reduce illegitimate pay-outs and optimise the claims process.
In an effort to protect genuine customers and remain one step ahead of the fraudsters, NetReveal will give Zurich UK’s Claims Investigation Unit a more holistic view of fraudulent activity, uncovering suspicious behaviour by identifying, linking and scoring people, places, events, businesses and other claims and policy attributes.
Using predictive modelling and network analytics, it will establish how they are connected — using data from the insurer’s portfolio — across multiple lines of business.
Importantly, NetReveal will automate previously manual processes by tracking activity and then prioritising alerts for the investigation team, in turn boosting the efficiency and effectiveness of Zurich UK’s investigators.
Significant period of change
Mark O’Neill, head of insurance for the UK and Ireland at BAE Systems, said: “The insurance industry is going through significant change driven by a need to improve customer experience and fast-track claims processing. The ever-growing threat of fraud risks slowing down the pace at which insurers can adapt their businesses. This issue is made worse by the changing nature of fraud and the increasing sophistication of fraudsters.”
O’Neill continued: “NetReveal provides insurers with the ability to quickly and accurately detect, investigate and prevent insurance fraud, while minimising the impact on genuine customers. The solution offers sophisticated fraud analytics to identify both opportunitistic and organised fraud, while the information captured at the investigation level also helps to tune and improve business models moving forwards.”
Scott Clayton, head of claims fraud at Zurich UK, added: “At the heart of our counter fraud commitment is the aspiration to maximise the detection of fraud. This objective delivers financial results and helps to protect both our business and our commercial customers. Investing in powerful technology is one such way we can firmly meet that commitment. We’re proud to announce that we have now launched our upgraded NetReveal system aimed squarely at protecting our commercial customers from networked claims fraud. This marks a significant advancement in our ability to detect fraud rings and suspicious patterns of claims across our claims portfolio.”
Detect more fraud on swifter basis
NetReveal is a single platform used by global insurers which helps to:
*Detect more fraud on a faster basis thanks to a proven combination of predictive analytics, social network analysis and machine learning used to uncover otherwise hard-to-detect suspicious behaviour
*Improve detection accuracy by producing a single view of the customer to reduce false positives and protect genuine claimants
*Accelerate decision-making: Industry experience and domain knowledge enables sophisticated analytics to be presented to business users in a way that expedites and eases business decisions
*Find emerging fraud: Special Investigation Units can identify anomalies and patterns to detect changes in fraud behaviours
*Reduce claims spend: Minimise investigator workload and increase overall efficiency while also reducing pay-outs on fraudulent claims
*Benefit from integrated alert and case management: Workflow enables team collaboration and accelerated investigations
For more information regarding BAE Systems’ fraud detection and prevention solutions visit https://www.baesystems.com/insurancefraud
For information on hot topics and new technologies in the insurance sector visit: https://www.baesystems.com/en/cybersecurity/feature/insurance-insights