Progressive Insurance has selected the NetReveal general insurance counter-fraud application to help with identification of claims fraud in the personal auto insurance sector. NetReveal is a product of BAE Systems Applied Intelligence, a business division of BAE Systems that offers applications to help clients protect critical assets.
NetReveal will be integrated into Progressive’s internal systems and operations to improve fraud detection. The application will help Progressive address the growing risk of opportunistic, premeditated and organized claims fraud in personal auto insurance. Progressive will use the alert and case management system and network analytics to identify claims fraud. The network-based detection will help determine potentially collusive behavior earlier in the claims lifecycle.
The NetReveal application will help Progressive evaluate the risk of claims throughout the lifecycle, helping to reduce fraud leakage on a pre-payment versus post-payment basis. Addressing the threat at the pre-payment level helps insurers manage escalated pay and chase investigations, while helping to stabilize costs and decrease the effects of fraud on customers, said BAE.
“The deployment of NetReveal will help us more accurately identify which claims to investigate for potential fraud,” Jeff Moore, senior process director for special investigations, Progressive. “Our priority is to reduce the impact of insurance fraud on our customers.”
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