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Products & Services

Insurance Fraud

BAE Systems and CANATICS Team Up

Insurance Fraud
The NetReveal® property and casualty (P&C) Claims Fraud solution provides insurance companies with the ability to detect, investigate, and prevent insurance fraud, while minimising the impact on genuine claimants.
Across the world, P&C insurance fraud is increasing at an alarming rate. Insurers are targeted by fraudsters and organised crime rings using a wide array of tactics to alter claims, omit or falsify data and gain access to unauthorised funds. 
 
To reduce and prevent future loss, insurers must detect unlawful activity as soon as possible.
 
The NetReveal P&C Claims Fraud solution identifies existing fraud cases faster than commonly-used manual investigation techniques. In addition, it uncovers previously unknown and undetectable fraudulent activity. By linking people, events and key elements within an insurer’s data, it finds and stops frauds that traditional systems simply don’t see.
 
Using our suite, previously hidden networks and relationships are revealed, adding a new, data and analytics-driven dimension to conventional claim level scoring on its own.
 
NetReveal also helps to reduce false positives by scoring, profiling, matching and applying rules to networked data, in batches or in real-time, and provides intuitive operational tools that enable fraud teams to be more efficient.
 
Our real-time fraud risk scores can be used during the claim process to flag suspicious claims for investigation, support the end-to-end investigation, and to fast track genuine claims through the process.
 

Key Benefits

  • Detect more fraud faster. Our proven combination of predictive and behavioural analytics, social network analysis, machine learning and sub-graph isomorphism uncovers suspicious patterns, even when data has been deliberately manipulated
  • Improve detection accuracy. Resolve real-world people, places, events, providers and suppliers across your data. This approach suppresses false positives so that genuine claimants are less likely to be disrupted by investigations
  • Accelerate decision making. Our solution presents sophisticated analytics to business users clearly, and in a format that speeds and eases business decisions
  • Find emerging fraud. We help Special Investigation Units (SIUs) identify anomalies and patterns to detect changes in fraud behaviours
  • Reduce claims spend. Minimise payout on fraudulent claims and more accurately identify claims to investigate
 
 

 

NFU Mutual selects BAE Systems to safeguard against fraud

BAE Systems has teamed up with NFU Mutual to provide the insurance firm and its customers with comprehensive protection across underwriting, claims and financial crime services.