Claims fraud is costly for both insurers and their customers - but not for organised crime rings which find insurance fraud to be a low-risk, high return enterprise. By paying out on claims that are fraudulent; premiums for the average customer incrementally rise year on year.
Customer service and other teams are unnecessarily spending time validating and processing additional suspicious claims, unnecessarily slowing down genuine claim pay-outs and impacting customer satisfaction.
"The total cost of Insurance Fraud is estimated to be more than $40 billion per year. That means Insurance Fraud costs the average U.S. household between $400 and $700 per year in the form of increased premiums. "
Insurers are seen as easy targets for organised fraudsters and society often inappropriately sees insurance companies as an ‘acceptable target’ from an opportunistic perspective.
Due to the competitive market, the margins insurance companies make are actually pretty small. Therefore, these fraudulent claims can all add up to really cripple an organisation.
BAE Systems NetReveal® Property and Casualty (P&C) Claims Fraud solution
At BAE Systems, we bring expertise, domain knowledge and a solution tailored towards insurers that includes analytics, visualisation, intelligence management and integrated insurance-specific case management. We help make complex analytics easier to understand and action.
BAE Systems NetReveal® Property and Casualty (P&C) Claims Fraud solution builds a picture of the real world by linking people, objects and key elements within an insurer's data and other data sources - identifying suspicious activity, organised and distributed fraud that traditional systems simply don't see.
BAE Systems has decades of experience in the business of defence – working with leading organisations, insurance consortiums and many of the world’s largest insurance providers to analyse networks, identify and prevent fraud and protect customers and companies from unnecessary premium hikes.
Learn more about our NetReveal® Property and Casualty (P&C) Claims Fraud solution or contact us today to find out how we can help you save money.