The defence and security product company BAE Systems is providing the insurance firm NFU Mutual with protection across underwriting, claims and financial crime services.
The contract to commence in 2017 will see BAE Systems’ financial crime division provide the insurer with a counter fraud detection against financial crime throughout the customer lifecycle and across the business. NFU Mutual will exploit external and internal data sources to identify fraudsters at point of sale and point of claim, while customers can be fast-tracked through the policy application and claims processes.
George Robbins, VP EMEA, Commercial Solutions at BAE Systems Applied Intelligence, said: “We will be working with NFU Mutual to help it deliver on its zero tolerance approach to fraud and financial crime by implementing faster and more accurate fraud detection, using the best data at the right time in the right way.
“Many businesses work in silos, which often means teams not only operate using different systems and technologies, they also duplicate effort and costs. By consolidating NFU Mutual’s operations into a single group fraud and financial crime platform we can improve controls on financial crime and fraud detection.
“The decision to work with BAE Systems came from a recognition that we are able to provide a system that is proven within the insurance industry and which can be tailored towards the specific needs required for NFU Mutual. This, coupled with BAE Systems extensive data partnerships, enables us to create a platform which combines high quality analytics and data sources ultimately maximising value for NFU Mutual.”
And Steve Bower, Customer Services Director at NFU Mutual, said: “The partnership with BAE Systems will help us continue to take a tough stance on fraud, while maintaining the first class levels of customer service that our members have come to expect. By embedding these new advanced capabilities across claims, underwriting and financial crime, we are tackling fraud more effectively and ultimately providing greater value to our members.”
