The NetReveal® property and casualty (P&C) Insurance Fraud solution provides insurers with the ability to quickly and accurately detect, investigate, and prevent insurance fraud, while minimising the impact on genuine customers.
The insurance industry is going through significant transformation driven by a need to improve customer experience and fast-track claims processing. Insurers operate in a highly competitive environment where every cost can seriously affect their bottom line.
Organised fraudsters routinely exploit multiple product lines, use fabricated identities to remain undetected and often work in collusion with your employees and suppliers. Insurers are also regularly seen as acceptable and easy targets for opportunistic fraud. Detecting more fraud accurately and efficiently is a necessity in the current environment.
The NetReveal Property and Casualty (P&C) Insurance Fraud provides insurers with the ability to detect, investigate and prevent fraud, at the point of claim, policy inception and even at point of quote, while at the same time minimising the impact on genuine claimants and streamlining them through the claims process.
The solution uncovers suspicious behaviour by identifying, linking and scoring people, places, events, businesses and other claim and policy attributes; using machine learning and network analytics to uncover how they are connected — drawing data from an insurer’s portfolio — from motor and home to liability, commercial, casualty and specialty lines books of business.
- Detect more fraud, faster – with a proven combination of predictive analytics, social network analysis and machine learning to uncover otherwise hard-to-detect suspicious behaviour;
- Improve detection accuracy - producing a single of view of the customer helps reduce false positives to protect genuine claimants;
- Accelerate decision making – industry experience and domain knowledge enables sophisticated analytics to be presented to business users in a way that expedites and eases business decisions;
- Find emerging fraud - Help Special Investigation Units (SIUs) identify anomalies and patterns to detect changes in fraud behaviours;
- Reduce claims spend - minimise investigator workload, increase overall efficiency whilst reducing pay-outs on fraudulent claims;
- Benefit from integrated alert and case management – workflow enables team collaboration and accelerated investigations.
NetReveal P&C Insurance Fraud solution is:
- Available as a cloud-based subscription service or price per claim model – insurers will benefit from a managed service, regular model tuning, regular upgrades in line with product development, low upfront capital expenditure and predictable longer term operating expense or loss adjustment expense;
- Ready for touchless claims, telematics, sensor data and more – to support a better customer experience. Processes data in a shorter timescales, with faster and more accurate alerts;
- Big Data ready – with faster network builds and the ability to ingest large volumes of claims, policy and quote data, and scale processing power on demand or per business requirements.
Hastings Direct selects BAE Systems to help fight fraud
BAE Systems has won a contract with Hasting Direct, a fast growing general insurance provider to the UK market. Read the full press release.
"BAE Systems is a leader in this space with a unique position to help carriers by virtue of it's long experience of tackling data intelligence issues over the course of its existence."
Jay Sarzen, Senior Analyst with Aite Group's P&C Insurance practice - Download Aite Group report.