Nationwide Mutual Insurance Company and BAE Systems Detica today announced that Nationwide has selected the Detica NetReveal enterprise fraud detection solution for its P&C business.
“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,” said Stephen Applebaum, Senior Analyst Property/Casualty Insurance, Aite Group.
Detica NetReveal is designed to prevent fraud at the point of policy application, BAE Systems Detica said, adding that it also networks and scores related entities and records within a company’s dataset to expose networks of suspicious activity that are otherwise hidden.
“Claims fraud in the North American P&C insurance industry is conservatively estimated to cost $30 billion annually, and questionable P&C claims have risen more than 33 percent since 2008. 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,” Applebaum said.
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