Claims Fraud Detection Systems: 2012 IT Vendor Spectrum
Abstract
The insurance industry is going through difficult times. Getting the insurance business basics right is a major preoccupation for insurance companies worldwide.
In the report, Claims Fraud Detection Systems: 2012 IT Vendor Spectrum, Celent provides a detailed description of IT vendors and their offerings in the claims fraud detection area.
Profiled Vendors
Vendor | Solution | Headquarters |
BearingPoint | HyperCube | Amsterdam, The Netherlands |
CSC | Fraud Analytics Suite | Falls Church, VA, USA |
Detica NetReveal | Detica NetReveal for Insurance | Guildford, United Kingdom |
FICO | FICO Claims Fraud Solution | Minneapolis, MN, USA |
Friss Fraud & Risk Solutions | FRISS | Utrecht, The Netherlands |
IBM | Fraud and Abuse Management Solution | Armonk, NY, USA |
Innovation Group | Insurer Analytics | Whiteley, United Kingdom |
LexisNexis | ClaimFocus | Alpharetta, GA, USA |
Panopticon Software AB | Panopticon | Stockholm, Sweden |
SAP | SAP Fraud Management for Insurance | Walldorf, Germany |
SAS, Inc. | SAS Fraud Framework for Insurance (SFFI) | Cary, NC, USA |
SynerScope B. V. | SynerScope | Eindhoven, The Netherlands |
Valen Technologies, Inc. | ClaimsRight | Denver, CO, USA |
“Fighting claims fraud represents a key element of insurers’ strategy, and we think claims fraud mitigation will trigger more investment in the near future,” says Nicolas Michellod, Senior Analyst with Celent’s Insurance Group and coauthor of the report.
“There are differences among vendors, most notably in terms of data sources, service, and delivery options,” he adds. “We recommend that insurers carefully assess what options best fit their requirements.”
Each vendor and system described in this report is profiled using the same structure, starting with a synoptic table presenting the company and its claims fraud detection solution. Celent describes the solutions’ data sources and delivery options, functionality, and technology as well as implementation and costs.
This 59-page report contains 57 tables.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].
Media Contacts
North America (New York)
Dana Greenstein
dgreenstein@celent.com
Tel.: +1 646 364 8254
Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)208 870 7875
Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81.3.3500.3023
Table of Contents
Executive Summary | 1 |
An Overview of the IT Vendor Spectrum | 2 |
BearingPoint HyperCube | 6 |
CSC: Fraud Analytics Suite | 10 |
Detica NetReveal: Detica NetReveal for Insurance | 14 |
FICO: FiCO Claims Fraud Solution | 19 |
Friss Fraud & Risk Solutions: FRISS | 23 |
IBM: Fraud and Abuse Management Solution | 28 |
Innovation Group: Insurer Analytics | 32 |
LexisNexis Risk Solutions: ClaimFocus | 36 |
Panopticon Software AB: Panopticon | 40 |
SAP: SAP Fraud Management for Insurance | 44 |
SAS, INC.:SAS Fraud Framework for Insurance (SFFI) | 48 |
SynerScope B.V.: SynerScope | 52 |
Valen Technologies Inc.: ClaimsRight | 57 |
Leveraging Celent’s Expertise | 62 |
Related Celent Research | 63 |