BAE Systems has secured an extension to its eight-year partnership with Zurich UK (zurich.co.uk), the UK subsidiary of the global insurance group. From January, 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 payouts and optimise the claims process.
In an effort to protect genuine customers and stay a step ahead of 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, 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.”
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.
About BAE Systems
At BAE Systems (baesystems.com), we provide some of the world’s most advanced technology defence, aerospace and security solutions. We employ a skilled workforce of 82,500 people in over 40 countries. Working with customers and local partners, our products and services deliver military capability, protect people and national security, 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.
About Zurich in the UK
Employs around 5,500 people based across locations the UK, with major sites in London, Whiteley, Swindon, Cheltenham, Birmingham, and Farnborough More than 4 million retail and commercial customers across general insurance and life One of the largest commercial insurers in the UK, covering:
- many FTSE 100 companies;
- local authorities, schools and universities;
- hundreds of mid-sized businesses including major household names;
- SMEs across the country.
Has a retail General Insurance business including specialist broker-distributed products for home, motor, yacht and high net worth customers Provides life and savings products including personal protection, pension and investment policies One of the UK’s fastest-growing and profitable investment platforms Offers protection employees of medium- and large-scale commercial customers Corporate Responsibility is an integral part of how we do business in the UK and Zurich understands the need to set and maintain high standards of integrity towards our customers, employees, local communities, society and the environment Community investment is mainly delivered by the Zurich Community Trust, the charitable arm of Zurich in the UK.
Joanna Haeger, Bite
M: +44(0)75 8412 2016 - E: joanna.haeger[.]baesystems.com.
Martyna Stepien, Zurich Insurance
M: +44(0)78 7588 8284 - E: Martyna.stepien[.]uk.zurich.com.