IT, BPO and consulting service provider Hexaware Technologies has launched iFraudEngine for fraud detection in the insurance industry.
This enables early detection of fraud in the process claims lifecycle, reducing the number of false claims payments to about 10 percent.
This engine provides actionable market intelligence and reporting, forecasting, early fraud identification and pattern detection, allowing insurers to reduce underwriting and claims leaks by over 45%.
“With market condition remaining very competitive in many insurance sectors, the cost of fraud is coming under intense scrutiny – this view is reflected in Ovum’s research that indicates fraud technology will be a key investment priority over the next 24 months, particularly among European insurers,” said Charles Juniper, senior insurance analyst, Ovum.
It draws upon an extensive library of more than 100 pre-defined and configurable rules that analyses unstructured data from any source. Hexaware’s predictive model also includes up to 50-base scenarios which can be easily. Solution is equipping insurers with the right tools to better detect and ultimately help prevent fraud.