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Nationwide Insurance Selects Detica NetReveal Claims Fraud Detection Solution
NEW YORK --(Business Wire)--
Nationwide Mutual Insurance Company, one of the largest insurance and
financial services companies in the United States, and BAE Systems (News - Alert)
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 (News - Alert) 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 teir
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.
About Nationwide
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.
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