The National Farmers Union Mutual Insurance Society has teamed up with technology-led defence providers BAE Systems to protect the insurance firm and its customers from financial crime.
The partnership, commencing on 2017, will enable NFU Mutual to exploit external and internal data sources to accurately identify fraudsters at the point of sale and point of claim.
Comprehensive protection – which spans across underwriting, claims and financial crime services – will use data analytics to detect and prevent financial crime.
“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,” said Steve Bower, customer services director at NFU Mutual.
“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.”
After the announcement in the Autumn Statement of insurance tax premium increasing, various organisations have stepped up the game in stamping out the fraudsters in a bid to provide a safe and fraud-free service.
Co-op Food has recently increased the security of its ATMs, partnering with a tech company to enable linking criminals back to the crime scene.
George Robbins, commercial solutions at BAE Systems, said: “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.”
NFU Mutual offers general insurance, life, pensions, and investments, and has over 300 offices located in rural towns and villages throughout the UK.