BAE Systems has won a new contract with Hastings Direct, a fast growing general insurance provider to the UK market. The deal will see BAE Systems deploy its fraud detection solution NetReveal to help the company detect, investigate and prevent claim and policy fraud, whilst minimising the impact on genuine customers.
The contract will enable Hastings Direct to exploit its extensive data sources to accurately identify fraudsters and do so faster than commonly-used manual investigation techniques. Using NetReveal, Hastings Direct will have access to automated fraud risk scores during the claims process to flag suspicious claims for investigation, support the investigation, and fast track genuine claims through the process.
The contract comes at a time when insurance fraud is continuing to rise at a startling rate. In 2017, insurance identity fraud alone saw an increase by 10,250% on the previous year, adding to the challenge of application fraud in the sector.
Mark O’Neill, Head of Insurance UK & Ireland, BAE Systems Applied Intelligence, said:
“Around 10 million people use price comparison websites each year in the UK. However, this makes it easy for potential fraudsters to manipulate their quotes and provide false information to obtain cover. Insurance providers like Hastings Direct require the ability to quickly process vast amounts of data to detect any fraudulent applications. In order to keep up insurers need to utilise technological advancements in fraud detection to tackle the threats they are facing.
“We will help Hastings Direct to find policy fraud and treat genuine claimants well using our combination of predictive and behavioural analytics, social network analysis and machine learning to quickly detect fraud and ultimately reduce the pay-out of fraudulent claims.”
Paul Priestley, Counter Fraud Director, Hastings Direct, said:
“Following an extensive and detailed selection process, we selected BAE Systems for its technology coupled with market-leading experience. At Hastings Direct, we have a proactive approach to counter fraud and this reinforces our stance in protecting our honest customers. We look forward to working with BAE Systems and the benefits it will bring.”