Gaining valuable insights despite data quality in the commercial insurance world being notoriously poor
Tackling rule setting challenges, where solutions leveraging social networking analysis and network building have traditionally been based on the simpler retail motor experience
“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 municipal/commercial customers. This result could not have been achieved without months of close partnership with BAE Systems. The meeting
of minds between our experienced fraud analysts and their technical product experts
has delivered something that has exceeded everyone’s expectations and had a fundamental impact to our ability to fight fraud.”
Scott Clayton, Head of Claims Fraud, Zurich
A solution inspired by partnership
The partnership between BAE Systems and Zurich has delivered a NetReveal solution which applies market leading social network analysis technology to detecting fraud networks across all product lines. On a daily basis the tool refers a mix of casualty, property and motor claims and networks from a variety of customer types for review.
In just over a year, Zurich has seen a positive impact to fraud detection with £5m of new frauds being identified associated with a range of fraud types. In total, over 500 claims have been identified and investigated.
BAE Systems and Zurich Insurance jointly named winners of the 2020 Tackling Economic Crime Awards (TECAs) "Outstanding Partnership" award