NEW YORK--(BUSINESS WIRE)--Nationwide Mutual Insurance Company, one of the largest insurance and financial services companies in the United States, and BAE Systems Detica today announced that Nationwide has selected the Detica NetReveal® enterprise fraud detection solution for its P&C (Property and Casualty) business.
Claims fraud in the North American P&C insurance industry is conservatively estimated to cost US$30 billion annually1 and questionable P&C claims have risen more than 33% since 2008.2 Detica NetReveal networks and scores related entities and records within a company’s data to expose networks of suspicious activity that are otherwise hidden.
Stephen Applebaum, Senior Analyst Property and Casualty Insurance, Aite Group said:
“Historically challenged to effectively contain fraud and leverage growing amounts of data from multiple systems, insurers of all sizes are deploying sophisticated analytics solutions such as Detica NetReveal to help identify potential fraud. This allows them to allocate and prioritize valuable resources where most needed. These solutions are proving very effective at identifying fraud, which further benefits carriers and their policyholders.”
Joe Friscia, President of the Americas BAE Systems Detica said:
“Criminals are becoming more sophisticated in their approach as they test the thresholds which organizations use to protect their business. 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.”
Notes to editors
1 Deloitte Consulting, A call to action: Identifying strategies to win the war against insurance claims fraud, August 2012
2 NICB (National Insurance Crime Bureau), 2012
The Detica NetReveal insurance claims solution provides financial services organizations with a holistic view of risk both within their insurance book and of their potential customers. Detica NetReveal takes huge volumes (millions of records) of data from multiple and frequently different sources and breaks the data into its individual components or entities. The solution automatically links all of these entities into statistically bound social networks. Then, through the use of a range of complex algorithms, neural networks and analysis activity, the networks are scored and prioritized. Unsuspicious networks are passed through the system quickly, reducing false positive rates and improving customer service levels while potentially suspicious networks are highlighted for further investigation through configurable workflows and case management.
About Detica NetReveal
Detica NetReveal is a leading provider of risk, fraud and compliance solutions to a wide range of financial services and government clients across the globe. The NetReveal suite of solutions combines predictive analytics with advanced social network analysis to identify suspicious behaviors more accurately than other solutions.
The power of our approach lies in the combination of specialist industry expertise with proven technology. We provide our clients with intelligence to more accurately assess the risk of the individual by better understanding the risk associated with the networks in which they operate. With over 130 clients across five continents, including six of the world’s current top 10 financial institutions, Detica NetReveal has a proven track record of tackling fraud, improving operational intelligence and reducing financial losses and reputational risk. Detica NetReveal, incorporating Norkom Technologies, is a business division of BAE Systems Detica.
For further information, please visit www.deticanetreveal.com
About BAE Systems Detica
BAE Systems Detica delivers information intelligence solutions to government and commercial customers. We help them collect, exploit and manage data so they can deliver critical business services more effectively and economically. We also develop solutions to strengthen national security and resilience.
We integrate and deliver world-class solutions to our customers’ most complex operational problems – often applying our own unique intellectual property. Our services include cyber security, managing risk and compliance, data analytics, systems integration and managed services, strategy and business change and the development of innovative software and hardware technologies.
Detica is part of BAE Systems, a global defence and security company with approximately 100,000 employees worldwide. BAE Systems delivers a full range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and customer support services.
BAE SYSTEMS, DETICA, NETREVEAL are trade marks of BAE Systems plc.
Nationwide Mutual Insurance Company, based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor’s. The company provides customers a full range of insurance and financial services, including auto insurance, motorcycle, boat, homeowners, pet, life insurance, farm, commercial insurance, annuities, mortgages, mutual funds, pensions, long-term savings plans and specialty health services. For more information, visit www.nationwide.com.