With insurers desiring to take advantage of "big data" and analytics to reduce the amount of money lost to claims fraud, industry observers have debated the relative merits of buy vs. build for that kind of software this year.
Nationwide has not been shy, despite its size, to buy packages for its IT needs, recently selecting Guidewire's insurance suite for its core systems. It has come down on the buy side of this issue as well, selecting Detica's NetReveal claims fraud detection software
"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," commented Aite Group senior P&C analyst Stephen Applebaum.