Zurich has bolstered its anti-fraud efforts in the UK with the help of existing partner BAE Systems.
Announcing a major extension to their eight-year partnership, Zurich UK said it has deployed the technology-led defence firm’s property and casualty fraud tool across multiple business areas including commercial lines. Called NetReveal, the platform is designed to boost fraud detection and, in turn, reduce illegitimate payouts.
Also targeted at accelerating investigations and optimising the claims process, the solution uses predictive modelling as well as network analytics and provides “a more holistic view” of fraudulent activity.
“At the heart of our counter fraud commitment is the aspiration to maximise the detection of fraud,” said Scott Clayton, UK claims fraud & investigations manager at Zurich. “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.”
Mark O’Neill, head of insurance UK and Ireland at BAE Systems, pointed to the platform’s “sophisticated” fraud analytics that identify both opportunistic and organised fraud. In addition, he said the information captured at the investigation level also helps in adjusting and improving business models.
