Zurich UK, the UK subsidiary of the global insurance group, has announced a major extension to it’s eight-year partnership with BAE Systems. From January, Zurich UK will deploy BAE Systems NetReveal Property & Casualty Fraud solution across multiple business areas, including commercial lines, to boost fraud detection, reduce illegitimate payouts and optimise the claims process.
In an effort to protect genuine customers and stay a step ahead of the fraudsters, NetReveal will offer 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, the solution will also automate 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 a time of significant change driven by a need to improve customer experience and fast-track claims processing. The ever-growing threat of fraud risks slowing this down – 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, UK Claims Fraud & Investigations Manager 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.”
NetReveal from BAE Systems is a single platform used by global insurers which helps:
• Detect more fraud, faster – with a proven combination of predictive analytics, social network analysis and machine learning to uncover otherwise hard-to-detect suspicious behaviour;
• Improve detection accuracy – producing a single of view of the customer helps reduce false positives to 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 – Help Special Investigation Units (SIUs) identify anomalies and patterns to detect changes in fraud behaviours;
• Reduce claims spend – minimise investigator workload, increase overall efficiency whilst reducing pay-outs on fraudulent claims;
• Benefit from integrated alert and case management – workflow enables team collaboration and accelerated investigations.
For more information, please speak with your local Zurich contact.