Insurers are increasingly being targeted by criminals because they are high-return, low-risk targets. Although many insurers are using rules based targeting systems, these traditionally can only monitor situations that are already known to occur.
The Detica NetReveal® general insurance solution takes a different approach. It provides critical information that can detect existing fraud and continue to improve your risk management capability.
Detica NetReveal® provides holistic fraud risk management. By linking people, events and key elements within your data, it detects and prevents fraud that traditional systems cannot; it reveals previously hidden networks and provides a higher uplift than just claim level scoring. Detica NetReveal® also helps to reduce false positives by scoring, profiling, matching and applying rules to linked data, in batch runs or real-time. Real-time fraud risk scores can be used during the quote process (for adjusting prices or eligibility) or during the claim process (to flag suspicious claims for investigation). Detica NetReveal® can deliver the following benefits:
significant return on investment, with results exceeding 30:1:
lower false positive rates – up to 10-fold improvements;
enhanced investigator efficiency through reduced claim handling time and prioritisation of cases;
provides single view of customers – Know Your Customer (KYC);
prevents fraudsters entering your network by deploying the technology at policy inception.