Zurich UK has announced that it is stepping up its efforts to tackle insurance fraud. Extending its partnership with ongoing collaborator BAE Systems, Zurich has announced plans to make use of the defence contractor’s property and casualty fraud tool NetReveal to protect various business lines, including the commercial segment; the platform has been developed to improve fraud detection capabilities and reduce illegitimate payouts as a result. It makes use of predictive modelling and network analytics in order to provide a wider ranging view of the entire fraud nexus, speed up investigations and optimise the claims process.
BAE Systems has said that it is particularly proud of its sophisticated fraud analytics capability, which can identify both organised and opportunistic fraud; the company also claims that deployment of NetReveal can help to improve existing business models through strategic adjustment.
“At the heart of our counter-fraud commitment is the aspiration to maximise the detection of fraud,” said Scott Clayton, Zurich UK’s Claims Fraud and Investigations Manager. “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.”
Such efforts may sadly prove to be increasingly necessary; according to statistics from KPMG Forensic, the last 12 months saw the value of insurance fraud in the UK rise, with the UK courts dealing with cases of alleged fraud worth a staggering £17 million. This is a significant spike compared to the combined value of £11.9 million that alleged insurance fraud cases had between 2014 and 2018.