BAE Systems & CANATICS Team Up to Help Canadians Mitigate Insurance Fraud

• published: 19 Feb 2015
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CANATICS and BAE Systems Applied Intelligence together are helping the insurance industry fight insurance crime for the benefit of Canadians, using sophisticated data analytics and pooled industry data to identify suspicious activity. While individual methods of data analysis are effective, the cumulative value of all methods together is significant. Data pooling is the key to fighting organized crime and it is the simple principle behind the formation of CANATICS, or Canadian National Insurance Crime Services. With pooled data, inter-relationships between potential suspicious claims and the correlations across insurance companies can be seen. In fact, this pooling of data will provide more information on trends and suspicious activity than has ever been available. CANATICS represents a game changer in the fight against insurance fraud. Instead of an insurance company having only one, limited view of suspicious claims activity, now the industry can connect the dots and identify patterns of organized fraud. CANATICS chose BAE Systems Applied Intelligence as their trusted partner in the detection of organized fraud, citing that the company’s solution was a market-tested one; it’s not just a series of products – BAE Systems’ had a great team with a proven track record of delivering. Both organizations are working together to ensure they’re able to bring on new members in new geographies at a rapid pace, tune the model on a quarterly basis and find new ways to ingest new data to advance and improve the scoring and algorithms for detection of suspicious behavior. Visit the BAE Systems Applied intelligence website for more information: http://www.baesystems.com/what-we-do-rai/financial-crime/fraud