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Canada : CANATICS awards 5-year contract for suspicious insurance to BAE Systems Detica
Publish Date : 20-Jan-2014
The Canadian National Insurance Crime Services (CANATICS) has given a 5-year contract to BAE Systems Detica, to assist detect suspicious auto insurance claims in the country.
The service will in the beginning concentrate on Ontario, with the intention of expanding across Canada.
By recognizing potentially doubtful claims with participating insurers, CANATICS will offer insurance firms with a new tool to aid in the investigation of insurance fraud.
Almost $1.6bn per year is paid by insurance companies in response to fake or inflated claims, as per to a recent report, prepared for the Ontario Auto Insurance Anti-Fraud Task Force.
CANATICS was established, after the Task Force recommended that insurers move insistently to form an organization that would pool and analyze claims data in order to identify potential cases of organized or premeditated fraud.
Detica's NetReveal technology provides automated risk scoring and prioritization of suspicious claims as well as exposing hidden patterns of fraudulent activities.
So as to create a single view for fraud detection and investigation with cost effective data integration and hosting, the NetReveal effectively integrates data from multiple systems and insurers.
Moreover, the platform can also reduce exposure to organized and opportunistic fraud and enhance customer service across all lines of an insurance business.
BAE Systems Detica financial crime managing director Chris Green said that the company is committed to helping the Canadian insurance industry combat fraud for the benefit of Canadians.
He added, "Our experience with other national insurance bodies, such as the Insurance Fraud Bureau in the UK, shows that the best way to combat insurance fraud is for a wide range of insurers to pool and analyze their data centrally".
