infotechlead

Hexaware launches iFraudEngine for insurance industry.

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.

editor@infotechlead.com

 

 

 

Latest

More like this
Related

Cybersecurity issues in Rockerbox.tech database exposure

Rockerbox.tech, a Texas-based tax credit consulting firm, has been...

Cybersecurity alert: Amazon Prime Day becomes main target for scams

As Amazon launches Prime Day 2025 on July 8,...

Massive surge in cookie theft sparks cybersecurity alarms worldwide

The global cybersecurity industry is under mounting pressure as...

Ingram Micro detects ransomware attack on internal systems

Ingram Micro recently detected a ransomware attack on parts...