NetReveal P&C Insurance Fraud
The NetReveal Property and Casualty (P&C) Insurance Fraud provides insurers with the ability to detect, investigate and prevent fraud, at the point of claim, policy inception and even at point of quote, while at the same time minimising the impact on genuine claimants and streamlining them through the claims process.
The solution uncovers suspicious behaviour by identifying, linking and scoring people, places, events, businesses and other claim and policy attributes; using machine learning and network analytics to uncover how they are connected — drawing data from an insurer’s portfolio — from motor and home to liability, commercial, casualty and specialty lines books of business.
- Detect more fraud, faster – with a proven combination of predictive analytics, social network analysis and machine learning to uncover otherwise hard-to-detect suspicious behaviour;
- Improve detection accuracy - producing a single of view of the customer helps reduce false positives to protect genuine claimants;
- Accelerate decision making – industry experience and domain knowledge enables sophisticated analytics to be presented to business users in a way that expedites and eases business decisions;
- Find emerging fraud - Help Special Investigation Units (SIUs) identify anomalies and patterns to detect changes in fraud behaviours;
- Reduce claims spend - minimise investigator workload, increase overall efficiency whilst reducing pay-outs on fraudulent claims;
- Benefit from integrated alert and case management – workflow enables team collaboration and accelerated investigations.
NetReveal P&C Insurance Fraud solution is:
- Available as a cloud-based subscription service or price per claim model – insurers will benefit from a managed service, regular model tuning, regular upgrades in line with product development, low upfront capital expenditure and predictable longer term operating expense or loss adjustment expense;
- Ready for touchless claims, telematics, sensor data and more – to support a better customer experience. Processes data in a shorter timescales, with faster and more accurate alerts;
- Big Data ready – with faster network builds and the ability to ingest large volumes of claims, policy and quote data, and scale processing power on demand or per business requirements.