The insurance company Zurich UK is to deploy counter-fraud software across multiple business areas, including commercial lines. The NetReveal Property & Casualty Fraud to boost fraud detection from aerospace and cyber company BAE Systems is for reducing illegitimate payouts and optimising the claims process, the insurer says.
Zurich UK says that the product will give its Claims Investigation Unit a more holistic view of fraudulent activity, uncovering suspicious behaviour by identifying, linking and scoring people, places, events, businesses and other claims and policy attributes. Using predictive modelling and network analytics, it will establish how they are connected — using data from the insurer’s portfolio — across multiple lines of business.
The software will automate previously manual processes by tracking activity and then prioritising alerts for investigators.
Mark O’Neill, Head of Insurance UK and Ireland at BAE Systems, said: “The insurance industry is going through a time of significant change driven by a need to improve customer experience and fast-track claims processing. The ever-growing threat of fraud risks slowing this down – and this issue is made worse by the changing nature of fraud and the increasing sophistication of fraudsters.
“NetReveal provides insurers with the ability to quickly and accurately detect, investigate, and prevent insurance fraud, while minimising the impact on genuine customers. The solution offers sophisticated fraud analytics to identify both opportunitistic and organised fraud, while the information captured at the investigation level also helps to tune and improve business models moving forwards.”
And Scott Clayton, UK Claims Fraud and Investigations Manager at Zurich, said: “At the heart of our counter fraud commitment is the aspiration to maximise the detection of fraud. This objective delivers financial results and helps to protect both our business and our commercial customers. Investing in powerful technology is one such way we can firmly meet that commitment. We are proud to announce that we have now launched our upgraded NetReveal system aimed squarely at protecting our commercial customers from networked claims fraud. This marks a significant advancement in our ability to detect fraud rings and suspicious patterns of claims across our claims portfolio.”
