BAE Systems and RSA Insurance Ireland have announced a partnership to implement the NetReveal Insurance Fraud technology solution to detect insurance fraud. RSA Ireland will be the third global RSA region to adopt this counter fraud technology solution.
According to Insurance Ireland, insurance fraud costs the industry an estimated €200 million per annum. This partnership will further support RSA’s commitment to invest in capability and technology to combat insurance fraud and protect our customers and shareholders.
BAE Systems’ deal with RSA Ireland – a three-year commitment – marks the technology firm’s expanding presence in Ireland and strengthens their global relationship with RSA Group which promotes anti-fraud tools and techniques.
The NetReveal product provides insurers with the ability to detect, investigate and prevent fraud, whilst minimising the impact on genuine claimants. For RSA Ireland this will specifically include utilising BAE Systems’ NetReveal technology and advanced analytics for property and casualty claims.
Dennis Toomey, Global Director of Counter Fraud Analytics and Operations at BAE Systems Applied Intelligence said:
“Insurance fraud is often thought of as a victimless crime, but it ends up being paid for by honest policyholders.To combat this, BAE Systems brings proven technology, sophisticated analytical techniques and domain knowledge of working with global insurers to help tackle the threat of fraud, while safeguarding honest customers. RSA Group is a global leader in fighting fraud, so we are thrilled to be expanding our partnership to incorporate their Irish business and continue to collaboratively identify new threats and develop cutting-edge solutions for the advanced fraud market.”
Catherine Hanley, Claims Director at RSA Ireland commented:
“At RSA Group, the majority of claims that we deal with are genuine. We prioritise delivering for our customers and aim to protect them and our business from insurance fraud. This investment in technology demonstrates our ongoing commitment to combatting fraud. We are excited to work with BAE Systems, who are a longstanding global partner of the RSA Group with a proven track record of success.
We look forward to strengthening our relationship through the deployment of the NetReveal P&C Insurance Fraud solution. Most importantly, we’re happy to be investing in safeguarding our customers from fraud.”