Nationwide Mutual Insurance Company has implemented BAE Systems Detica's Detica NetReveal solution for fraud detection in its Property and Casualty (P&C) business.
Detica NetReveal is designed to prevent fraud at the point of policy application, and also expose otherwise hidden networks of suspicious activity by networking, scoring and recording related entities within the company’s data.
Americas BAE Systems Detica president Joe Friscia said, ”The NetReveal solution provides the ability to detect and prevent fraudulent activity at the point of policy application, as well as identifying existing networks of suspicious activity.”
Aite Group Property and Casualty Insurance senior analyst Stephen Applebaum said the insurers are increasingly deploying advanced analytics solutions, such as Detica NetReveal for effective identification of potential fraud.
”This allows them to allocate and prioritize valuable resources where most needed,” Applebaum added.
”These solutions are proving very effective at identifying fraud, which further benefits carriers and their policyholders.”
North American P&C insurance industry claims fraud is estimated to cost $30bn annually and has risen by more than 33% since 2008.