Zurich in BAE deal to tackle fraudsters
Zurich Ireland has entered into an agreement with technology defence specialists BAE Systems which will help the insurance group improve its fraud detection capabilities.
The deal comes as a result of what Zurich says is an increasing problem in fraudulent claims being submitted in Ireland.
Zurich will implement BAE's NetReveal solution to enhance how the company detects, prevents and reduces fraudulent claims.
The NetReveal technology uses sophisticated data analytics to detect hidden links and patterns in claims and policy data to identify instances of fraud.
Zurich will implement Net- Reveal across all its major product lines. The announcement follows seven years of collaboration between BAE Systems and Zurich Insurance.
The rising cost of insurance premiums across the country has been widely attributed to the number of false claims now being received by the industry every year.
"We are excited to be extending our relationship with Zurich Insurance to Ireland and see a real opportunity to support the Irish business in their fight against claims fraud," said Mark O'Neill, head of insurance for the UK and Ireland at BAE Systems.
"Zurich is committed to tackling insurance fraud. We are delighted to work with BAE Systems to further enhance our fraud detection capabilities using their data science expertise, proven in other markets," said Jerry Fitzpatrick, Zurich Ireland's chief claims officer.
BAE provides defence solutions in more than 40 countries worldwide.