Hexaware Presents iFraud Engine for insurance industry
Published By : 18 Jun 2014 | Published By : QYRESEARCH
Hexaware Technologies - an IT, BPO and consulting service provider worldwide has launched a detection system in the insurance industry. It is called as iFraudEngine for fraud detection.
This system is highly effective as it enables early detection of fraud in the process of reducing the number of false claims payments to about 10 percent and also reducesclaims lifecycle. It is a well-designed engine that provides actionable market intelligence and forecasting, reporting,pattern detection,and more. Thisallows insurers to reduce underwriting and claims leaks by over 45%.
As the insurance market condition remains competitive worldwide, the cost of fraud is growing under intense scrutiny. According to Ovum’s research, this technology is the key to investment priority and will takeover in the next 24 months, especially among European insurers, added Charles Juniper, senior insurance analyst, Ovum.
This technology draws an extensive set of library, probably more than 100 configurable and pre-defined rules that analyzeunstructured data from unknown sources as well.
In addition, Solution is catering insurers with the right tools to help detect and prevent fraud.