Hexaware Reduces False Claim Payments for Insurers
June 20, 2014
Hexaware has reduced the number of false claim payments to about 10 percent with the release of its new fraud analytics solution, iFraudEngine.
The solution offers several fraud management capabilities and visibility enabling earlier detection of fraud in the process claims lifecycle.
Developed by Hexaware's team of claims adjudicators, underwriters, statisticians, data scientists and analytics professionals, iFraudEngine is said to save 3-7 percent of current Gross Premium Revenues.
“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,” said Ramanan Seshadri, executive vice president & Global Head Insurance and Healthcare Business Unit, Hexaware Technologies Limited. “It draws upon an extensive library of more than 100 pre-defined and configurable rules that analyses unstructured data from any source.”
The new fraud analytics solution includes a range of features including actionable market intelligence and reporting, forecasting, early fraud identification and pattern detection.
All these capabilities allow insurers to reduce underwriting and claims leaks by more than 45 percent.
It is easy to use iFraudEngine as it can be quickly integrated with any pre-existing policy administration system (PAS), claims management system or external database.
The release of iFraudEngine is a strategic move as a new Ovum (News - Alert) research indicates tough market conditions in many insurance sectors.
Fraud technology is expected to be a key investment priority in the next two years with many insurers searching for solutions that can detect potential fraud at every phase of the product lifecycle.
“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.
Hexaware is a global provider of IT services and consulting. The company was in the news earlier this year for partnering with global IT services provider Comparex India to offer a wide range of services and solutions to clients.
Edited by Maurice Nagle