The insurer’s new fraud detection system will be used to spot claim and policy fraud
Hastings Direct will use a detection system to fight fraud.
The fraud detection system, provided by BAESystems, assists in detection, investigation and prevention of claim and policy fraud.
Automated fraud risk scores will allow Hastings to flag suspicious claims, allowing genuine claims to be processed faster.
BAE Systems Applied Intelligence head of insurance UK & Ireland Mark O’Neill explained: “Around 10 million people use price comparison websites each year in the UK. They’re quick, convenient and help customers to seek out the best deal. However, this makes it easy for potential fraudsters to manipulate their quotes and provide false information to obtain cover. Insurance providers like Hastings Direct require the ability to quickly process vast amounts of data to detect any fraudulent applications. In order to keep up insurers need to utilise technological advancements in fraud detection to tackle the threats they are facing.”
O’Neill concluded, “We will help Hastings Direct to find policy fraud and treat genuine claimants well using our combination of predictive and behavioural analytics, social network analysis and machine learning to quickly detect fraud and ultimately reduce the pay-out of fraudulent claims.”
According to fraud sharing organisation Cifas, insurance identity fraud has seen an increase by 1,606% on the previous year.