California-based Siebel Systems Inc., a provider of customer-facing solutions, has unveiled advanced claims analytics capabilities in Siebel Insurance 7.8.
With Siebel Insurance 7.8, Siebel Systems brings to market a fraud prediction solution that combines the power of predictive analytics, real-time claims detection, claims alerting, task execution and management, and insight-driven reporting capabilities to assist insurers in addressing, detecting, and preventing fraud.
Claims fraud prevention is an increasingly important challenge facing the insurance industry. Analysts estimate the annual cost of fraud is at least $44 billion, up 63 percent in the past four years. Additionally, studies indicate that at least 10 to 15 percent of claims presented in the United States are fraudulent and more than 25 percent of insurance claims in the United States have some element of fraud. With Siebel Claims Analytics, insurance organizations can reportedly detect and prevent fraudulent claims — at each stage, across the entire life cycle of a claim.
Siebel Insurance 7.8 enables insurance organizations to:
— Detect fraud consistently, throughout the life of a claim, across the entire book of claims to prevent and predict fraud at each stage;
— Discover new fraud patterns to combat evolving and increasingly sophisticated fraudulent claims;
— Support the overriding claims adjusting goal of moving claims to closure quickly, keeping costs down while providing a high level of service;
— Embed proactive fraud detection within the normal claims adjusting processes — without a burdensome series of checklist, reviews, and manual processes;
— Understand and measure key baseline and progress metrics in combating claims fraud.
Siebel Insurance 7.8 is available now. For more information, visit www.siebel.com/insurance.
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