Case Studies

Insurer takes fraud detection tool

by Mark Rowe

Hastings Direct, the insurer, is using defence and cyber security product firm BAE Systems‘ fraud detection tool NetReveal to help detect, investigate and prevent claim and policy fraud. Hastings Direct will seek to exploit its data to identify fraudsters and do so faster than commonly-used manual investigation techniques, the insurance company says. It 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.

Mark O’Neill, Head of Insurance UK and Ireland, BAE Systems Applied Intelligence, said: “Around ten 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 utilise 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.”

And 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.”

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