Insuranceciooutlook

Hexaware Launches iFraudEngine for Insurance Fraud Detection

Insurance CIO Outlook | Friday, November 30, 2018

AMESBURG, N.J: Hexaware Technologies, provider of IT, BPO and consulting services has come up with a new ground breaking technology that can save the insurance industry’s significant savings in the range of 3-7 percent of current Gross Premium Revenues.

 The 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.

Developed by Hexaware's expert team of claims adjudicators, underwriters, statisticians, data scientists and analytics professionals,  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.

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.

“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," says 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," says  Ramanan Seshadri, Executive Vice President & Global Head Insurance and Healthcare Business Unit, Hexaware Technologies Limited.

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