BAE Systems NetReveal has been selected by the Insurance Fraud Bureau (IFB) as its next generation fraud detection platform.
As the IFB celebrates its 10-year anniversary, the organisation has renewed its relationship with BAE Systems into the next decade. The NetReveal system has been used by the IFB since its inception to analyse bulk insurance data to identify organised fraud rings across the industry, and will be upgraded to offer enhanced functionality and detection in new product lines including property and liability.
The IFB serves over 98% of the motor insurance market across the UK and its decision to contract BAE Systems until 2020 reflects the company’s performance to date and IFB’s commitment to fighting fraud and cybercrime. Key to IFB’s expanded mission is the need to detect insurance fraud across its business lines for its members.
VP EMEA for Commercial Solutions at BAE Systems, George Robbins, said:
“The IFB has been a key partner for BAE Systems over the past decade. The NetReveal insurance product, which is widely adopted across the sector and worldwide, was originally developed with the IFB model in a strategic partnership. We look forward to continuing our successful relationship with the IFB over the coming years, helping to widen its influence in tackling fraud across the industry.”
Ben Fletcher, Director of the Insurance Fraud Bureau, added:
“The NetReveal system has been a fundamental tool in our fight against insurance fraud as it means we are able to analyse bulk insurance data in order to identify organised fraud networks. The upgraded functionality BAE Systems will be delivering means we will be able to detect organised fraud in new product lines, a significant step in achieving the IFB’s strategic vision.”
About BAE Systems
At BAE Systems (baesystems.com), we provide some of the world’s most advanced, technology-led defence, aerospace and security solutions and employ a skilled workforce of some 83,400 people in over 40 countries. Working with customers and local partners, we develop, engineer, manufacture and support products and systems to deliver military capability, protect national security and people and keep critical information and infrastructure secure.
At BAE Systems Applied Intelligence, we help nations, governments and businesses around the world defend themselves against cybercrime, reduce their risk in the connected world, comply with regulation, and transform their operations.
We do this using our unique set of solutions, systems, experience and processes - often collecting and analysing huge volumes of data. These, combined with our Cyber Special forces - some of the most skilled people in the world, enable us to defend against cyber-attacks, fraud and financial crime, enable intelligence-led policing and solve complex data problems.
We employ over 4,200 people across 18 countries in the Americas, APAC, UK and EMEA. For further information about BAE Systems Applied Intelligence, please visit baesystems.com/businessdefence
About the IFB
The Insurance Fraud Bureau (IFB.org) was established in 2006 as the insurance industry’s central hub for sharing organised fraud intelligence. Using advanced analytical software, the IFB identifies cross-industry fraud networks by analysing consolidated motor, property and liability data from sources including the Claims Underwriting Exchange (CUE).
As the insurance industry’s central hub for gathering and sharing fraud intelligence, the IFB holds controlled intelligence sharing agreements with insurers, brokers, law enforcement agencies, public/private sector stakeholders and regulators. Working alongside police forces, the IFB assists with enforcement action, contributing to 1,100+ arrests since its inception.