Zurich Insurance signs deal with BAE to target fraud
NetReveal system uses data analytics to uncover hidden links and potential fraud
Figures from Insurance Ireland claim fraud costs businesses in the Republic up to €200 million a year. Photograph: iStock
Zurich Insurance’s Irish arm has teamed up with BAE Systems to implement a new system to help fight fraudulent claims.
The system, NetReveal, uses data analytics to uncover links and patterns in claims and policy data that could reveal potential fraud. It could also make things easier for genuine claimants, by ensuring fewer false positives in the system.
Zurich Insurance has worked with BAE Systems for seven years, and the latest deal is an extension of that collaboration.
“We have worked closely with Zurich to tailor the solution to meet their needs in terms of rapid deployment and highly accurate and automated detection of fraudulent claims, while ensuring fewer false positives to enable genuine customers to be fast-tracked through the claims process,” said Mark O’Neill, head of insurance for UK and Ireland at BAE Systems Applied Intelligence.
Figures from the umbrella body for the insurance industry, Insurance Ireland, claim fraud costs businesses in the Republic up to €200 million a year, and has blamed rising premiums on court awards for injuries.
Consumers have also been hit with rising premiums in recent months.