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."