AXA signs agreement to use the Detica NetReveal insurance claims fraud prevention service

BAE Systems Detica has announced that AXA has signed up to use its Detica NetReveal insurance claims fraud prevention service as part of an AXA initiative to select a single solution across the group. Detica NetReveal reduces the risk of fraudulent customer claims and improves investigation times for personal and commercial motor and property lines of business.

The selection of this solution followed a number of successful European pilot projects and it will be delivered as a hosted service, enabling AXA to benefit from reduced costs in IT expenditure, for example, and implementation times. As part of a global programme to use a single platform, AXA can benefit from processes, workflows and reporting which are standardised across AXA’s global business units.

By giving investigators the ability to monitor and clearly identify and prioritise suspicious activity as well as quickly access and analyse customer data, AXA entities will be able to improve customer service through faster claims handling times and also minimise the time and resources spent on investigating claims incorrectly flagged as being suspicious.

Pierre Brigadeau, Group Chief Claims Officer, AXA Global P&C, said:

“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 organisations.

“In other words, we shall investigate fewer cases, increase our efficiency and preserve honest customers from paying for fraudulent claims activities.

“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.”

Detica NetReveal links related entities within a company’s data to reveal networks of suspicious activity that are otherwise hidden beneath seemingly innocuous claims. Unlike traditional rules-based systems that can only monitor fraud methods already known to occur, the NetReveal solution provides a single view of customers and their known associates, scoring individual and network behaviours across an organisation’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, whilst uncovering and prioritising the risks associated with suspicious activity.

Andy Cobb, Sales and Marketing Director for Detica NetReveal, said:

“We are delighted to be working with AXA under this Group initiative to adopt our insurance claims fraud prevention solution and harness the cost benefits of our hosted service. We look forward to further consolidating our partnership with AXA Group as this programme is rolled out across the organisation.”

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About Detica NetReveal

Detica NetReveal is a leading provider of enterprise risk, fraud and compliance solutions to the global financial services industry and government clients. Its innovative solutions provide a holistic ‘single customer view’ and then combines entity and social network analytics with deep domain expertise. This approach provides an end-to-end enterprise perspective of financial crime and risk for the detection, prevention and monitoring of risk, fraud and non-compliance in real-time and batch. By knowing your customer, what kind of business they transact and who they know, Detica NetReveal can identify unusual and suspicious behaviours faster and earlier than any other current approaches.

With over 100 clients across four continents, including six of the world’s current top 10 financial institutions, Detica NetReveal has established a proven track record of reducing financial losses, protecting users’ reputations and improving operational efficiencies. Detica NetReveal is a business division of BAE Systems Detica. In 2011, BAE Systems acquired Norkom Technologies and merged it with Detica NetReveal.

For further information, please visit www.deticanetreveal.com

About BAE Systems Detica

BAE Systems Detica delivers information intelligence solutions to government and commercial customers. We help them collect, exploit and manage data so they can deliver critical business services more effectively and economically. We also develop solutions to strengthen national security and resilience.

We integrate and deliver world-class solutions to our customers’ most complex operational problems – often applying our own unique intellectual property. Our services include cyber security, managing risk and compliance, data analytics, systems integration and managed services, strategy and business change and the development of innovative software and hardware technologies.

Detica is part of BAE Systems, a global defence and security company with over 100,000 employees worldwide. BAE Systems delivers a full range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and customer support services.

BAE SYSTEMS, DETICA, NETREVEAL, Detica NetReveal are trade marks of BAE Systems plc.

Contact:

Media:
BAE Systems Detica
Natasha Davies, +44 (0) 20 7812 4274
Mobile: +44 (0) 7787 297 831
Head of PR and Media
Natasha.davies@baesystemsdetica.com
or
Articulate Communications Inc.
Laura Anderson, +1-212-255-0080, ext. 11
landerson@articulatepr.com