|By Business Wire||
|January 15, 2014 09:01 AM EST||
BAE Systems Detica today announces that is has closed a strategic deal with Canadian National Insurance Crime Services (CANATICS) to detect suspicious auto insurance claims in Canada. The service, commissioned for a 5-year period, will initially focus on Ontario, with a view to expanding across Canada.
CANATICS is a not-for-profit organization focused on using state-of-the-art analytical tools to identify potentially suspicious claims in insurance industry pooled data to facilitate further investigation by individual insurers. By identifying these claims with participating insurers, CANATICS will provide insurance companies with an exciting new tool to aid in the investigation of insurance fraud.
The deal represents an expansion of BAE Systems Detica’s Canadian business, which operates out of Toronto, and in particular the growth of Detica’s global insurance fraud prevention offering. Detica’s NetReveal anti-financial crime solutions are currently being used by over 130 clients, spanning four continents, including six of the top 10 financial banking and insurance institutions in the world.
Automobile insurance fraud is a significant cost to consumers across Canada, and particularly in Ontario. A recent report, prepared for the Ontario Auto Insurance Anti-Fraud Task Force, estimated that as much as $1.6 billion per year is paid by insurance companies in response to fraudulent or inflated claims. The Task Force recommended that insurers move aggressively to establish an organization that would pool and analyze claims data in order to identify potential cases of organized or premeditated fraud. CANATICS has been set up to answer that call.
Detica’s NetReveal solution provides automated risk scoring and prioritization of suspicious claims as well as exposing hidden patterns of fraudulent behavior.
NetReveal effectively integrates data from multiple systems and insurers to create a single view for fraud detection and investigation with cost effective data integration and hosting. NetReveal combines predictive analytics with advanced social network analysis to identify suspicious behaviors more accurately than other solutions and detect, prevent and monitor fraud faster and earlier than other current approaches. It can also reduce exposure to organized and opportunistic fraud and improve customer service across all lines of an insurance business.
Chris Green, Managing Director, Financial Crime, BAE Systems Detica, said:
“We are truly committed to helping the Canadian insurance industry combat fraud for the benefit of Canadians. Our experience with other national insurance bodies, such as the Insurance Fraud Bureau in the UK, shows that the best way to combat insurance fraud is for a wide range of insurers to pool and analyze their data centrally. As a consequence, fraudsters can less easily escape detection.”
Ben Kosic, CEO, Canadian National Insurance Crime Services, added:
“We have chosen BAE Systems Detica to work with us on this important project as we need a partner who will provide the critical knowledge, skills and services that will enable CANATICS to provide the insurance industry with superior intelligence derived from analytics on industry-pooled data. By working with Detica, we can help ensure that investigators, at our insurance members, focus their investigations on the right claims with the ultimate goal of reducing organized and premeditated fraud in Canada.”
About BAE Systems Detica
BAE Systems Detica delivers information intelligence solutions to government and commercial customers and develops solutions to strengthen national security and resilience.
Detica is part of BAE Systems, a global defense, aerospace and security company with approximately 90,000 employees worldwide.
BAE Systems delivers a wide range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and customer support services. For more information, please visit www.baesystems.com
Canadian National Insurance Crime Services or CANATICS is a non-profit organization focused on fighting insurance crime by providing insurance companies, and the industry, with superior intelligence, derived from analytics performed on industry pooled data. CANATICS maintains a relentless focus on data quality, privacy and security.
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