RSA Canada selects BAE Systems to provide latest NetReveal counter fraud technology to combat insurance fraud
12 March 2019
Insurer will become the first organization in Canada to run new version of BAE Systems NetReveal Property and Casualty solution.
Toronto, ON, 12th March 2019. Today, BAE Systems and RSA Canada announced a contract extension to implement new Property & Casualty (P&C) technology to combat insurance fraud. RSA Canada will be the first organization to adopt NetReveal’s new P&C capability in North America. This timely partnership launches during Canada’s Fraud Prevention Month, encouraging citizens to understand and report fraud.
The partnership comes at a crucial time in Canada, as the fraud problem continues to grow, costing customers upwards of $1.6 billion annually. NetReveal provides insurers with the ability to detect, investigate and prevent fraud, at the point of claim, policy inception and at point of quote, while also minimizing the impact on genuine claimants and streamlining them through the claims process. BAE Systems has worked with RSA Canada since 2013 to detect automotive and household claims fraud - this partnership upgrades RSA Canada to the latest version of NetReveal in a five year commitment.
The partnership strengthens RSA’s global relationship with BAE Systems, promoting a global task force to improve anti-fraud tools and techniques to support and protect honest customers, while encouraging knowledge sharing of the fraud landscape between the two companies. The use of NetReveal will improve the existing RSA Canada score cards for automotive and home claims fraud and will help redefine how the company combats fraud. This will include identifying additional fraud types such as accident benefits, medical practitioner/clinic, Health Claims for Auto Insurance, and promote the use of more advanced analytics.
Dennis Toomey, Global Director of Counter Fraud Analytics and Operations at BAE Systems Applied Intelligence 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.”
Ewen Cameron, SVP Claims at RSA Canada said:
“RSA Canada is serious about protecting our customers and our business against the increasing exposure to insurance fraud which has both personal and financial implications for the insurance industry. This investment is another example of the importance RSA places on anti-fraudulent activities.”
To learn more about the partnership and BAE Systems’ solutions for the insurance industry, visit www.baesystems.com/insurancefraud
News article details
Life Insurance, Property & Casualty Insurance
Asia-Pacific, EMEA, LATAM, North America