US-based Progressive Insurance has selected the NetReveal® general insurance counter-fraud solution developed by BAE Systems Applied Intelligence to help the company identify claims fraud for personal auto insurance.
According to the official media release by BAE Systems, the service will be integrated into Progressive’s advanced internal systems and operations to enhance fraud detection, helping the company address the growing risk of opportunistic, premeditated and organised claims fraud in personal auto insurance.
The system’s network-based detection will also help to capture collusive activity early on in the claims cycle.
“The deployment of NetReveal will help us more accurately identify which claims to investigate for potential fraud. Our priority is to reduce the impact of insurance fraud on our customers,” said Jeff Moore, Senior Process Director for Special Investigations, Progressive.
“As fraud attacks rise and become more sophisticated, insurance carriers are looking to sspecialisedsoftware providers, like BAE Systems Applied Intelligence, to provide the next generation of fraud detection tools. Our NetReveal solution will help Progressive with evaluating the risk of claims throughout the lifecycle, reducing 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 stabilise costs and decrease the effects of fraud on customers,” said Jim Anderson, President of the Americas, BAE Systems Applied Intelligence.