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News Release-- September 04, 2006
STERLING INSURANCE GROUP OBTAINS AUTOMATED FRAUD DETECTION
London, September 4, 2006 – Sterling Insurance Group today announced it has signed a one year agreement with Computer Sciences Corporation (NYSE: CSC), a leading global information technology (IT) services firm, and Conversant Data Limited (CDL), a leading UK anti-fraud services provider, for their Advances automated fraud detection service for UK-based insurers.
Sterling Insurance Company Limited will use Advances for data matching, validation and full case investigation within its Household division, which serves the household insurance needs of mid and high net worth individuals. Advances, which combines Conversant Data’s claims fraud detection and prevention expertise with CSC’s Fraud Evaluator software, has saved insurance customers, since the service was launched in September 2004, more than £4 million by identifying fraudulent claims that ordinarily would have been paid.
“In order to provide the best service to our customers, whilst remaining ahead of the game, it’s imperative that we combat fraud at all levels,” said Garry Simmons, associate director, Sterling Insurance Company Limited. “Advances will play an important part in our overall fraud strategy.”
“We are delighted to have Sterling as a new Advances customer,” said Mark Jones, Conversant Data managing director. “Advances is being used by a number of insurers in the UK market. The addition of Sterling is a further boost to our credentials as an important partner for insurers seeking to gain the edge when it comes to tackling the growing numbers of fraudulent claims.”
“Despite best efforts, fraud remains a fast growing crime in the UK, with many insurers suffering at the hands of the fraudsters,” added John Maitz, CSC’s vice president of general insurance in Europe, the Middle East and Africa. “However, Advances, which is already achieving outstanding results for its growing client base of insurers, is rapidly finding a place for itself within the armoury that insurers must have at hand in order to manage this issue.”
Sterling Insurance Group Limited was founded in 1994 by Nicholas Cooper, the former Chief Executive Officer of Consolidated Insurance Group Limited. The company focuses on high net worth property, small to medium enterprise commercial lines, life, personal accident and creditor insurance. A consistently prudent approach to investments and risk, a wide range of innovative bespoke products and a highly personal service form the bedrock of Sterling’s approach. In June 2006, Fitch, the international rating agency, upgraded Sterling Insurance and Sterling Life’s IFS ratings from BBB+ to A minus. The company is headquartered in Richmond and has offices in West Malling, Kent and Romford, Essex. www.sterlinginsurancegroup.com
For further information please contact:
Alex Foley and Associates Ltd.
Tel: 020 7352 3144
Email: alex@alexfoleypr.com
Notes to editors:
About Conversant Data
Conversant Data Ltd was formed in 2003 by leading industry experts who had been tackling institutional fraud for a number of years.
Since its inception CDL has formulated a number of tools and techniques for financial service providers to combat fraud. It believes that its particular combination of data matching and mining expertise coupled with the application of investigative psychology and forensic techniques enables it to achieve a very high rate of success on behalf of its clients. Conversant is already advising a number of well-known insurers on the most effective ways to tackle fraud.
Conversant is a member of CIFAS, the UK Fraud Prevention Service. For more information, visit the company's Web site at www.conversantdata.com.
About CSC
Founded in 1959, Computer Sciences Corporation is a leading global IT services company. CSC’s mission is to provide customers in industry and government with solutions crafted to meet their specific challenges and enable them to profit from the advanced use of technology.
With approximately 78,000 employees, CSC provides innovative solutions for customers around the world by applying leading technologies and CSC’s own advanced capabilities. These include systems design and integration; IT and business process outsourcing; applications software development; Web and application hosting; and management consulting. Headquartered in El Segundo, Calif., CSC reported revenue of $14.6 billion for the 12 months ended June 30, 2006. For more information, visit the company’s Web site at www.csc.com.