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Hastings Direct selects BAE Systems to help fight fraud

Hastings Direct selects BAE Systems to help fight fraud
BAE Systems has won a new contract with Hastings Direct, a fast growing general insurance provider to the UK market.
BAE Systems has won a new contract with Hastings Direct, a fast growing general insurance provider to the UK market. The deal will see BAE Systems deploy its fraud detection solution NetReveal to help the company detect, investigate and prevent claim and policy fraud, whilst minimizing the impact on genuine customers.
 
The contract will enable Hastings Direct to exploit its extensive data sources to accurately identify fraudsters and do so faster than commonly-used manual investigation techniques. Using NetReveal, Hastings Direct will have access to automated fraud risk scores during the claims process to flag suspicious claims for investigation, support the investigation, and fast track genuine claims through the process.
 
The contract comes at a time when insurance fraud is continuing to rise at a startling rate. In 2017, insurance identity fraud alone saw an increase by 10,250%1 on the previous year, adding to the challenge of application fraud in the sector.
 
Mark O’Neill, Head of Insurance UK & Ireland, BAE Systems Applied Intelligence, said:
 
Around 10 million people use price comparison websites each year in the UK2. They’re quick, convenient and help customers to seek out the best deal. However, this makes it easy for potential fraudsters to manipulate their quotes and provide false information to obtain cover. Insurance providers like Hastings Direct require the ability to quickly process vast amounts of data to detect any fraudulent applications. In order to keep up insurers need to utilize technological advancements in fraud detection to tackle the threats they are facing.
 
“We will help Hastings Direct to find policy fraud and treat genuine claimants well using our combination of predictive and behavioural analytics, social network analysis and machine learning to quickly detect fraud and ultimately reduce the pay-out of fraudulent claims.”
 
Paul Priestley, Counter Fraud Director, Hastings Direct, said: 
“Following an extensive and detailed selection process, we selected BAE Systems for its technology coupled with market-leading experience. At Hastings Direct, we have a proactive approach to counter fraud and this reinforces our stance in protecting our honest customers. We look forward to working with BAE Systems and the benefits it will bring.”
 
ENDS 
 
For further information, please contact:
BAE Systems
Nick Haigh, BAE Systems
M: 07525 390982
E: nick.haigh@baesystems.com
 
Bite Communications 
Holly Ledlin, Bite Communications 
M: 07827 917023
E: hollyledlin@biteglobal.com 
 
Notes for Editors 
 
About BAE Systems
At BAE Systems, 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.
 
For further information about BAE Systems Applied Intelligence, please visit www.baesystems.com/businessdefence
 
About Hastings Direct 
Hastings Direct is a fast growing, agile, data and digitally focused general insurance provider to the UK market, with over 2.6 million live customer policies and employing over 3,000 colleagues at sites in Bexhill and Leicester. Hastings Direct has built its business by providing refreshingly straightforward customer service and products and offer car, bike, van and home insurance directly to the public.
 
Hastings Direct is a trading name of Hastings Insurance Services Limited, the UK trading subsidiary of Hastings Group Holdings plc, which also trades via “People’s Choice” and “insurePink”. For more information about Hastings Direct and Hastings Group please visit:
https://www.hastingsdirect.com/
 
Issued by:
BAE Systems plc
24 hour media hotline: +44 (0)7801717739
www.baesystems.com
@BAESystemsplc