Product News: Software
Fraud Analytics Software is designed to aid insurance industry.
Press Release Summary:
June 25, 2014 - Providing insurers with fraud management capabilities and visibility, iFraudEngine enables early detection of fraud in process claims lifecycle to reduce false claims payments. Features include actionable market intelligence and reporting, forecasting, early fraud identification, and pattern detection capabilities. This technology- and business systems-agnostic solution can integrated with any pre-existing policy administration system (PAS), claims management system, or external database.
Original Press Release
Hexaware Launches Groundbreaking iFraudEngine for Fraud Detection in the Insurance Industry
Press release date: June 17, 2014
JAMESBURG, N.J. -- Groundbreaking technology developed by Hexaware Technologies, a leading global provider of IT, BPO and consulting services, will save the insurance industry significant savings in the range of 3-7 percent of current Gross Premium Revenues. Its new fraud analytics solution, iFraudEngine, is the first of its kind and its unique features provides insurers unmatched fraud management capabilities and visibility. This enables earlier detection of fraud in the process claims lifecycle, reducing the number of false claims payments to about 10 percent.
According to the Insurance Information Institute, property and casualty (P&C) insurance fraud costs the industry an estimated $30 billion every year. These losses are ultimately passed onto policyholders, which translate to an estimated $300 in additional premiums per year.
"With market conditions 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. Insurers are increasingly looking for comprehensive platforms that detect potential fraud at every phase of the product lifecycle, even at the quotation stage and not just after a claim has been lodged. Apart from the direct impact on loss costs, an effective fraud strategy will give insurers the ability to reduce premiums and drive customer service - a real competitive differentiator in a very tough market," said Charles Juniper, senior insurance analyst at Ovum.
"Insurance fraud is a significant problem and while many insurers prefer to ignore these issues in order to keep their customers base intact, fraudsters effect on ever-increasing premiums is something we can no longer ignore," said Ramanan Seshadri, Executive Vice President & Global Head Insurance and Healthcare Business Unit, Hexaware Technologies Limited.
Developed by Hexaware's expert team of claims adjudicators, underwriters, statisticians, data scientists and analytics professionals, the new fraud analytics solution, iFraudEngine provides actionable market intelligence and reporting, forecasting, early fraud identification and pattern detection, allowing insurers to reduce underwriting and claims leaks by over 45 percent. This engine is technology and business-systems agnostic and easily integrated with any pre-existing policy administration system (PAS), claims management system or external database, while also being capable of processing claims already in place.
Ramanan Seshadri added, "Many of today's market solutions only offer a fragmented method to fraud detection, while we have developed a fraud analytics solution which takes a 360-degree approach. 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 customized to address ever-changing fraudulent techniques. Having the right technology, techniques and protocols in place to identify fraud early in the insurance claims process lifecycle is paramount. Our solution is equipping insurers with the right tools to better detect and ultimately help prevent fraud. At Hexaware we are proud to do our part to help better support our customers and better protect their customers from opportunistic and professional fraud."
Ovum is a leading global technology research and advisory firm. Through its 180 analysts worldwide it offers expert analysis and strategic insight across the IT, telecoms, and media industries.
Founded in 1985, Ovum has one of the most experienced analyst teams in the industry and is a respected source of guidance for technology business leaders, CIOs, vendors, service providers, and regulators looking for comprehensive, accurate, and insightful market data, research, and consulting. With 23 offices across six continents, Ovum offers a truly global perspective on technology and media markets and provides thousands of clients with insight including data tools, forecasts, surveys, market assessments, technology audits, and opinion. In 2012 Ovum was jointly named Global Analyst Firm of the Year by the Institute of Industry Analyst Relations (IIAR). Ovum operates a large portfolio of technology conferences annually in Europe under the OvumLive events brand, presenting a more interactive opportunity to learn from its analysts. Its flagship event - Ovum Industry Congress - attracts over 300 end-user attendees every year. Ovum is a division of Informa plc, one of the leading business and academic publishing and event organisers globally, headquartered in London. Informa is quoted on the London Stock Exchange.
Hexaware is a leading global provider of IT services and consulting. The Company focuses on key domains such as Banking, Financial Services, Insurance, Travel, Transportation, Hospitality, Logistics, Life Sciences and Healthcare. Our business philosophy, "Your Success is Our Focus", is demonstrated through the success we ensure for our clients. Hexaware focuses on delivering business results and leveraging technology solutions by specializing in Business Intelligence & Analytics, Enterprise Applications, Quality Assurance and Testing, Remote Infrastructure Management Services and Legacy Modernization. Founded in 1990, Hexaware has a well-established global delivery model armed with proven proprietary tools and methodologies, skilled human capital and SEI CMMI-Level 5 certification. For additional information log on to www.hexaware.com
CONTACT: For more information: Rashmi Joshi, Hexaware Technologies, Tel: +1 609 892 0496, Email: email@example.com, or Media Contact: Jaime Tero / Meghana Shendrikar, onechocolate communications for Hexaware, Tel: +1 415 989 9803, Email: Hexaware@onechocolatecomms.com