The defence and security product company BAE Systems has signed a deal with Zurich Insurance plc to provide the insurance company’s business unit in Ireland, Zurich Ireland, with greater ability to detect, investigate, and prevent insurance fraud. The insurer says it’s part of its commitment to tackle the rising cost of fraudulent claims and will help bring stability to the insurance market and ultimately benefit customers.
The firms point to insurance claims fraud as a factor in the rapidly escalating cost of premiums. BAE’s NetReveal software uses data analytics to detect hidden links and patterns in claims and policy data to identify instances of fraud, otherwise undetectable. Zurich Ireland will run NetReveal across all its major product lines. This follows seven years of collaboration between BAE Systems and Zurich Insurance.
Mark O’Neill, Head of Insurance – UK and Ireland at BAE Systems Applied Intelligence said: “We are excited to be extending our relationship with Zurich Insurance to Ireland and see a real opportunity to support the Irish business in their fight against claims fraud. We have worked closely with Zurich to tailor the solution to meet their needs in terms of rapid deployment and highly accurate and automated detection of fraudulent claims, whilst ensuring fewer false positives to enable genuine customers to be fast-tracked through the claims process.”
And Jerry Fitzpatrick, Zurich Ireland’s Chief Claims Officer said: “As one of Ireland’s leading insurers, Zurich is committed to tackling insurance fraud. We are delighted to work with BAE Systems to further enhance our fraud detection capabilities using their extensive data science expertise, proven in other markets.”
