Progressive Selects NetReveal for Fraud Detection
BAE Systems Applied Intelligence announced that top five US insurer Progressive® Insurance has selected the NetReveal® general insurance counter-fraud solution to augment Progressive’s identification of claims fraud in the personal auto insurance sector. The service will be integrated into Progressive’s advanced internal systems and operations to enhance fraud detection.
Addressing Evolving Insurance Fraud Challenges
The NetReveal solution will help Progressive address the growing risk of opportunistic, premeditated and organised claims fraud in personal auto insurance. Utilising the advanced network analytics and the robust alert and case management system, Progressive will supplement its ability to identify claims fraud. Additionally, the network based detection, will help to determine potentially collusive behaviour earlier in the claims lifecycle.
Progressive’s Approach to Countering Insurance Fraud
Jeff Moore, Senior Process Director for Special Investigations, Progressive, said:
“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.”
BAE Systems Comments on Partnership and Industry Trends
Jim Anderson, President of the Americas, BAE Systems Applied Intelligence, added:
“As fraud attacks rise and become more sophisticated, insurance carriers are looking to specialised software 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.”
