BAE Systems helps NFU Mutual combat fraud
BAE Systems has teamed up with NFU Mutual to provide the insurance firm and its customers with comprehensive protection across underwriting, claims and financial crime services.
The contract will commence in 2017 and see BAE Systems’ financial crime division provide NFU Mutual with a counter fraud solution that will detect and prevent financial crime throughout the customer lifecycle and across the business. The partnership will enable NFU Mutual to exploit external and internal data sources to accurately identify fraudsters at the point of sale and point of claim, whilst ensuring customers are fast-tracked through the policy application and claims processes.
George Robbins, VP EMEA, Commercial Solutions at BAE Systems Applied Intelligence, said: “We will be working with NFU Mutual to help it deliver on its zero tolerance approach to fraud and financial crime by implementing faster and more accurate fraud detection, using the best data at the right time in the right way.
“Many businesses work in silos, which often means teams not only operate using different systems and technologies, they also duplicate effort and costs. By consolidating NFU Mutual’s operations into a single group fraud and financial crime platform we can improve controls on financial crime and fraud detection.
“The decision to work with BAE Systems came from a recognition that we are able to provide a system that is proven within the insurance industry and which can be tailored towards the specific needs required for NFU Mutual. This, coupled with BAE Systems extensive data partnerships, enables us to create a platform which combines high quality analytics and data sources ultimately maximising value for NFU Mutual.”
Steve Bower, Customer Services Director at NFU Mutual, said: “The partnership with BAE Systems will help us continue to take a tough stance on fraud, while maintaining the first class levels of customer service that our members have come to expect. By embedding these new advanced capabilities across claims, underwriting and financial crime, we are tackling fraud more effectively and ultimately providing greater value to our members.”