General Insurance fraud

Financial Crime 4 Март 2015, 16:53

Protecting your customers and your business.

Insurers are increasingly being targeted by criminals because they are seen as high-return, low-risk targets. Insurers need to scrutinise claims for organised fraud, customer exaggeration or misrepresentation and compliance.
Our NetReveal® general insurance counter-fraud solution is helping insurers by providing a holistic fraud risk management at the point of quote or during the claims process.
Our solution reveals critical information that can detect existing and uncover previously unknown cases of fraud. By linking people, events and key elements within an insurer’s data, it detects and prevents fraud that traditional systems cannot. 

It reveals previously hidden networks and provides a higher uplift than just claim level scoring. NetReveal also helps to reduce false positives by scoring, profiling, matching and applying rules to linked data, in batch runs or real-time.
Real-time fraud risk scores can be used during the quote process (for adjusting prices or eligibility) or during the claim process (to flag suspicious claims for investigation). 

The solution can deliver the following benefits:

– Reduce total claim spend by up to three per cent per annum;
– Double the amount of fraud currently detected;
– Lower false positive rates;
– Up to three times enhanced investigator efficiency through reduced claim handling time and effective prioritisation of cases;
– Provides single view of customers– even in cases where there has been deliberate manipulation of data;
– Prevent fraudsters gaining insurance from your organisation by deploying the technology at policy inception in real time;
– Real-time scoring enables sub-second response at point of quote, policy inception and loss;
– Facilitates improved customer satisfaction through faster claim handling times and appropriate policy pricing.
CANATICS and BAE Systems Applied Intelligence together are helping the insurance industry fight insurance crime: