Non-health related insurance fraud strips an estimated $40 billion from the industry each year - losses that must be made up in premiums. It is important for insurers to investigate fraud, and have tools and techniques in place to identify fraud early in the process lifecycle. Hexaware Technologies has developed a state of the art insurance fraud detection & prevention solution - iFraudEngine that uses 10 layers of advanced analytical techniques to detect and prevent opportunistic and professional frauds. This whitepaper highlights how insurers can leverage advanced analytics to combat fraud and reap the benefits of enhanced fraud detection throughout the underwriting and claims process lifecycle.
Business Benefits of iFraudEngine:
• Reduction in fraudulent claims cost payments by 5 to 10 percent.
• $50 ~ $75 savings per claim resulting in a ROI of 10:1.
• Improvement in fraudulent claim detection rate by multi-folds.
• Enhanced adjuster / investigator efficiency with improved quality of referral.