BAE Systems Detica has reached an agreement with the Canadian National Insurance Crime Services to investigate auto insurance claims in an effort to help detect and prevent financial fraud.
Detica will work with not-for-profit CANATICS to identify potential insurance claims fraud by using analytical tools and to probe individual insurers, BAE Systems Detica said Wednesday.
Chris Green, managing director of financial crime at BAE Systems Detica, said the company intends for the partnership to help the Canadian insurance industry counter fraud.
CANATICS will use Detica’s NetReveal anti-financial crime technology to automate risk scoring and expose fraudulent activities.
NetReveal is built to combine data from multiple sources for a centralized view of fraud patterns, as well as to consolidate predictive analytics and social network analysis.
CANATICS is commissioned for a 5-year service and initial target for fraud detection is Ontario.