Zurich and BAE have worked together for eight years so far in a joint bid to combat fraud
Zurich UK and BAE Systems have extended their partnership, so now BAE will provide more services to the insurer.
From this month, BAE will provide Zurich UK with its NetReveal Property & Casualty Fraud solution, for deployment across multiple business areas, with an aim to boost fraud detection, reduce illegitimate payouts and optimise the claims process.
The solution will hopefully give Zurich UK’s Claims Investigation Unit a more holistic view of fraudulent activity. It will do this by 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.
NetReveal will also automate the previously manual processes by tracking activity and then prioritising alerts for the investigation team, boosting the efficiency and effectiveness of Zurich UK’s investigators.
Mark O’Neill, head of insurance 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 – and this issue is made worse by the changing nature of fraud and the increasing sophistication of fraudsters.
“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, said: “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 are 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.”