Insurance firm RSA Canada has partnered with cybersecurity company BAE Systems to combat insurance fraud.
RSA will be the first organisation in North America to adopt BAE Systems’ NetReveal Property & Casualty (P&C) technology.
NetReveal will give RSA the ability to detect, investigate and prevent fraud at the point of claim, policy inception and point-of-quote. While doing this, the impact on genuine claimants will be minimised and the whole claims process will be streamlined.
This partnership builds on an existing between the two, which has helped RSA detect automotive and household claims since 2013. The new partnership is part of a five-year deal.
NetReveal will improve RSA’s existing scorecards for auto and home fraud and adapt its advance analytics and anti-fraud capabilities. This includes fraud types such as accident benefits, medical practitioner/clinic, health claims for auto insurance.
BAE Systems global director of counter fraud analytics and operations Dennis Toomey said, “The Canadian insurance industry estimates suggest auto insurance fraud costs continue to rise, costing consumers billions annually. The fraud threat in the Canadian insurance market is massive and requires cutting edge technology to detect and prevent fraud while safeguarding honest customers.
“RSA Canada is already a market leader in fighting fraud and we are thrilled to be extending our relationship with them to not only be the first in Canada to use our new solution, but to continue to work together to identify new types of threats and develop the latest solutions for the advanced fraud market.”
Last year, Mphasis partnered with BAE Systems to provide fraud and money laundering detection capabilities to financial services industry.