Zurich UK has expanded its eight-year partnership with BAE Systems to improve fraud detection and optimise its claims process.
From this month, Zurich UK will deploy BAE’s NetReveal Property & Casualty Fraud solution across multiple business areas, including commercial lines, to boost fraud detection, reduce illegitimate payouts and optimise the claims process.
NetReveal will offer Zurich UK’s 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. The solution uses predictive modelling and network analytics to establish how they are connected—using data from the insurer’s portfolio—across multiple lines of business.
The solution will also automate previously manual processes by tracking activity and then prioritising alerts for the investigation team.
Mark O’Neill, head of insurance in the UK and Ireland at BAE Systems, highlighted the insurance industry’s work to improve customer experience and fast-track claims processing as the motivation for ensuring that the “ever-growing threat of fraud” doesn’t slow this down.
He said: “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 opportunistic and organised fraud, while the information captured at the investigation level also helps to tune and improve business models moving forwards.”
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.”