Iconic British brand BAE Systems extends partnership with Zurich UK to fight fraud

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

About the Author
Brian Sims BA (Hons) Hon FSyI, Editor, Risk UK (Pro-Activ Publications) Beginning his career in professional journalism at The Builder Group in March 1992, Brian was appointed Editor of Security Management Today in November 2000 having spent eight years in engineering journalism across two titles: Building Services Journal and Light & Lighting. In 2005, Brian received the BSIA Chairman’s Award for Promoting The Security Industry and, a year later, the Skills for Security Special Award for an Outstanding Contribution to the Security Business Sector. In 2008, Brian was The Security Institute’s nomination for the Association of Security Consultants’ highly prestigious Imbert Prize and, in 2013, was a nominated finalist for the Institute's George van Schalkwyk Award. An Honorary Fellow of The Security Institute, Brian serves as a Judge for the BSIA’s Security Personnel of the Year Awards and the Securitas Good Customer Award. Between 2008 and 2014, Brian pioneered the use of digital media across the security sector, including webinars and Audio Shows. Brian’s actively involved in 50-plus security groups on LinkedIn and hosts the popular Risk UK Twitter site. Brian is a frequent speaker on the conference circuit. He has organised and chaired conference programmes for both IFSEC International and ASIS International and has been published in the national media. Brian was appointed Editor of Risk UK at Pro-Activ Publications in July 2014 and as Editor of The Paper (Pro-Activ Publications' dedicated business newspaper for security professionals) in September 2015. Brian was appointed Editor of Risk Xtra at Pro-Activ Publications in May 2018.

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