This website uses cookies. By navigating around this site you consent to cookies being stored on your machine

Newsroom

Better, faster, stronger: technological advances to BAE Systems’ insurance fraud solution delivers big data powered smarter detection

BAE Systems Insurance Fraud Solution: Better, Faster, Stronger
The accelerating pace of digital innovation is changing the landscape of the insurance industry, shaking the ground of previously solid institutions with the arrival of a new generation of consumers, competitors and criminals.
Increasing fraudulent activity is driving insurance premiums up and customers away; according to GlobalData more than 30% of UK consumers would purchase some form of insurance product from ‘alternative providers’ like Google and Amazon. Disruption to claim processes due to higher false positive rates in fraud detection solutions can frustrate honest customers and result in churn.
 
The NetReveal P&C Insurance Fraud solution helps address key challenges insurance organisations face nowadays: improving customer satisfaction and reducing fraud while remaining competitive in this dynamic industry.
 
Providing insurers with accurate understanding, NetReveal allows insurers to:
  • Detect and alert to fraud faster by generating a single view of a customer and alerting not only at the point of claim but also at policy inception 
  • Process vast volumes of data generated from a wide variety of sources such as claim, policy and quote information across lines of business, external third party data and IoT (Internet of Things) devices, telematics and more in the future 
  • Streamline genuine customers and stop fraudsters with smarter detection incorporating traditional scoring and machine learning capabilities
  • Benefit from integrated alert and case management enabling team collaboration and accelerated investigations 
  • Increase savings through reduced claims spend, investigator efficiency and a cloud based subscription service
 
Neil Watkins, Chief Product Officer at BAE Systems Applied Intelligence, said:
“Industries are changing their business model to a customer-centric one, and insurance is not an exception. With the advent of touchless claims aimed at making life easier and claim payments quicker for the customer, insurers now have less time to carry out fraud checks and process claims.
 
 “BAE Systems brings proven technology, sophisticated analytical techniques and domain knowledge of working with global insurers and consortiums to help insurers deliver new capabilities in tackling fraud. The way in which policies are purchased and managed is changing and it’s no longer sufficient to look at claims fraud in isolation – detection and monitoring at claim and policy inception are paramount. The volume of internal and third party data is growing exponentially – using data effectively is of utmost importance. A richer view of the customer will also help organisations to treat and look after the ones that are genuine, reducing customer churn and improving client satisfaction.”
 
Nicolas Michellod, Senior Analyst at Celent, commented: 
Insurance organisations are facing a tough market environment. With factors such as growth, retention and innovation driving their business strategy, they have to carefully select investments that will efficiently support their business operations. Technologies that help improve loss ratios and retain customers such as fraud detection solutions using sophisticated data analytics are key to generating profit.”
 
Sophisticated analytics in the NetReveal P&C Insurance Fraud solution empowers insurers in the fight against fraud, helping them to remain agile and move at pace with the changing environment and customer demands. 
 
 
ENDS
 
For further information, please contact:
 
BAE Systems 
Nick Haigh, BAE Systems
M: +44 (0)7525 390982
E: nick.haigh@baesystems.com
 
About BAE Systems
At BAE Systems, we provide some of the world’s most advanced technology defense, 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.
 
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 www.baesystems.com/businessdefence
 
Issued by:
BAE Systems plc
Media hotline: + 44 (0) 7801 717739
@BAESystemsplc 
Ref: 088/2018