BAE Systems Detica today announced the Canadian launch of its NetReveal® OnDemand managed service for insurance fraud prevention.
With the World Economic Forum ranking Canada's banking system as one of the soundest in the world, the new service is designed to help Canada's dynamic insurance sector stay ahead of the threat from financial crime with both increased agility and effectiveness and at lower cost.
Created to offer anti-fraud prevention and detection as a service, Detica will use its advanced global analytics experience to understand exactly how financial criminals operate. Deployed as a service, the system is constantly updated to counter the latest modus operandi of fraudsters. NetReveal is currently being used by over 130 clients, spanning four continents, including six of the top 10 financial banking and insurance institutions in the world.
In Canada, the system provides automated risk scoring and prioritization of new insurance fraud claims as well as exposing hidden patterns of fraudulent behavior. Investigators will therefore be able to focus on high risk claims and speed up the handling of legitimate claims.
The launch of Detica NetReveal OnDemand means that organizations are able to leverage rapid and flexible counter-fraud systems without the capital expenditure usually associated with implementing large IT projects. Companies can benefit from a 'software as a service' approach, without the traditionally large technology overhead or the need to rely on scarce internal IT department resources.
The NetReveal OnDemand solution is the first fraud managed service for Canada, following successful deployments in six countries across Europe and the United Kingdom.
Paul Stacey, Country Manager, BAE Systems Detica, Canada, said:
"The launch of NetReveal On Demand in Canada meets the demand for comprehensive fraud detection technology that can quickly adapt to unique and new fraud issues. Through the delivery of a flexible, low cost managed service, organizations can host technology either in-house or on demand with a range of options tthat matches fraud problems on a country by country basis. We're looking forward to helping Canada take a strong stand against fraudsters and protecting honest customers from global threats. "
NetReveal OnDemand also effectively integrates data from multiple systems to create a single view for fraud detection and investigation, offering a secure web-based managed service with cost effective data integration and hosting.