AXA (Paris) has chosen to use BAE Systems Detica's (London) NetReveal insurance claims fraud prevention services as its insurance operations' single solution. Detica NetReveal reduces the risk of fraudulent customer claims and improves investigation times for personal and commercial auto and property lines of business, according to the vendor.
"After a competitive Global RFQ review we selected Detica NetReveal to provide AXA Group with a claims fraud prevention solution that will enable us to focus on obvious fraudulent claims and therefore increase our quality of service while delivering significant savings in indemnity costs," comments Pierre Brigadeau, group chief claims officer, AXA Global P&C.
The Detica NetReveal solution will be delivered to AXA as a hosted service. By virtue of the hosted delivery and the implementation of a single solution across its insurance operations, AXA will enjoy lower IT costs and implementation times, as well as benefitting from standardized processes, workflows and reporting across its global business units, a BAE Systems Detica statement notes.
"All insurers need to focus on claims fraud, and Detica NetReveal will provide us with effective means of reducing risk -- preventing and discovering more fraudulent claims, improving positive customer service levels and allowing AXA to have more efficient claims organizations," Brigadeau adds. "In other words, we shall investigate fewer cases, increase our efficiency and preserve honest customers from paying for fraudulent claims activities."
Detica NetReveal links related entities within a company's data to reveal networks of suspicious activity that are otherwise hidden beneath seemingly innocuous claims, according to a vendor statement. The NetReveal solution differs from traditional rules-based systems that can only monitor fraud methods already known to occur in that NetReveal provides a single view of customers and their known associates, scoring individual and network behaviors across an organization's entire portfolio of products and brands. In doing so, it facilitates the speedy resolution of honest claims and effective decision-making at policy inception, while uncovering and prioritizing the risks associated with suspicious activity, the vendor claims.
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio