Thursday, 30 July 2009

RBS Insurance, in conjunction with Detica NetReveal, the market-leading fraud detection solution, has been awarded the 2009 British Insurance Award for Technology. The award was announced at the industry-s showcase event for top-class performance and innovation at the Royal Albert Hall earlier this month.

In making their decision, the judges looked for evidence of greater efficiency, better customer service, lower error rates and effective implementation within agreed budgets and timetables. RBS Insurance and Detica NetRevealwere judged to be the clear winners. As the first insurance company in the world to integrate Detica NetRevealwith its legacy claims handling system to score claims in real-time, and to uncover organised fraud networks across different product lines, RBS Insurance has transformed its fraud prevention operations.

Recent years have seen a significant increase in both opportunistic and increasingly sophisticated organised insurance fraud. Bogus and inflated insurance claims and staged motor accidents cost the UK industry, and therefore policyholders, over 1.5 billion per annum. In March 2007, RBS Insurance embarked on an initiative to develop a market-leading, world-class fraud detection capability. In 2008, following an initial -proof of concept- exercise, the company identified Detica NetRevealas the most effective solution in the market. Since deploying the system, RBS Insurance has benefited from a significant increase in claims correctly flagged as fraudulent as well as a rise in the amount of fraud identified. It has also achieved significant gains in investigator productivity.

"By deploying Detica NetRevealwe have positioned RBS Insurance at the forefront of the insurance industry in terms of our fraud detection and prevention capability", comments Allan Clare, Director of Financial Crime at RBS Insurance. "By identifying fraud that previously could not be automatically detected - including rapidly-mobilising, organised fraud networks - we will ensure RBS Insurance remains a safe place for our customers and suppliers to do business."

"We are delighted to have been able to help RBS Insurance win this prestigious industry award", comments Andy Cobb, Director of Business Development for Detica NetReveal. "This demonstrates once again that Detica NetRevealis peerless in its ability to deliver significant business value to our customers. The independent adjudicators of The British Insurance Awards stated clearly that our detection models are the best in the business. They enable our clients to detect more fraud, reduce false alarms and settle the honest claims faster."