Hexaware Technologies. All rights reserved. www.hexaware.

com
Insurers across the globe are searching for new ways to identify fraudulent claims and underwriting irregularities early in the lifecycle to minimize fraudulent
claims payments and to plug underwriting leaks. The scale of the problem can be understood by a quick look at the National Insurance Crime Bureau
(NICB) estimates that fraud accounts for about 10% of losses and costs policyholders about $200-$300 a year in additional premiums. An exaggerated
estimate of loss to property, a car repair estimate that includes pre-existing damages and escalated repair costs, a phony death claim or a staged killing of
a person are some examples of ways that fraudsters use to recover annual premiums and policy deductibles. Improving the safeguards against fraud will
help an insurer reduce claims costs by 5 to 10% and the insurers could pass on the benefit to customers in the form of lowered premiums.
iFraudEngine, Hexawares Insurance fraud engine, is designed to detect and prevent fraud (opportunistic and professional) throughout the underwriting
and claims process lifecycle.
Key Features of iFraudEngine
Custom data-driven and multi-parameters, and predictive analytics model developed by
experienced actuaries, statisticians, data scientists, and domain experts.
Pre-configured business rules that can be customized by business users.
Text mining from unstructured sources such as adjuster reports, police reports, and social
portals
Analysis of relationships and connections between individuals and groups involved in multiple
claims and transactions, including social networking connections with known fraudsters
Detect anomalies across large pools of similar cases such as claims cost values with multiple
standard deviations outside the norm for similar type of accidents.
iFraudEngine uses automated business rules to harness the power of predictive modelling, text
mining, anomaly detection, and social network analysis for detecting and preventing fraud before
it occurs. It provides a user-friendly dashboard as well as reports with fraud scores and alerts to
provide decision-making support to insurance investigators.
Combat Insurance Fraud using Hexawares iFraudEngine
iFraudEngine Sample Dashboards
- Dectection pre, post adjudication
& post payment of claims
- Text mining anomaly detection
- Part cost & labor rate
comparison
- Configurable business rules
- Alert management & routing
- Pre-fill data updates
- Real-time & batch
- Web & mobile enabled
- Dashboard & reports
- Filtering & sorting
- custom predictive model
- Pattern dectection
- Fraud scoring & confidence rating
- Relationships & Connections
- Internal & external database
search
iFraudEngine Business Architecture
Hexaware Technologies. All rights reserved. www.hexaware.com
For all Hexaware office locations, visit: http://www.hexaware.com/worldwide.htm
Safe Harbor
Certain statements on this brochure concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could
cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to,
risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost
advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client
concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in
telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the
companies in which Hexaware has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring
companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry.
corporatemarketing@hexaware.com
NA Headquarters
1095 Cranbury South River Road
Suite 10, Jamesburg, NJ 08831
Tel : 609-409-6950
Fax : 609-409-6910
India Headquarters
152, Sector 3
Millennium Business Park
A Block, TTC Industrial Area
Mahape, Navi Mumbai 400 710
Tel : +91-22-67919595
Fax : +91-22-67919500
EU Headquarters
4th Floor, Cornwall House
55-57 High Street, Slough
Berkshire SL1 1DZ, UK
Tel : +44 (0)1753 217160
Fax : +44 (0)1753 217161
APAC Headquarters
180 Cecil Street,
#11-02, Bangkok Bank Building,
Singapore 069546
Tel : +65-63253020
Fax : +65-6222728
About Hexaware
Hexaware is a leading global provider of IT solutions and BPO services. Also listed among the Top 20 Indian global IT services organizations, Hexaware
is a USD 387Million (FY 2013) Company with global workforce of around 9000+ consultants. The company has achieved leadership position in domains
such as Travel & Transportation, Banking and Financial Services, Insurance & Healthcare and HR-IT solutions. Hexaware focuses on delivering business
results leveraging technology solutions and specializes in Business Intelligence & Analytics, Enterprise Applications, Customized Application develop-
ment & Maintenance, Independent Testing and Legacy Modernization. Hexaware has been providing business technology solutions for over 22 years
and offers future proof and highly cost-effective solutions and services to our customers, always striving to win their utmost confidence.
About Insurance Services
At Hexaware we provide end-to-end solutions in the
Insurance domain. We provide service from assessing
to planning and implementation to application develop-
ment to maintenance support.We are capable of
providing outsourcing services (Back-end processing,
Claims adjudication etc.)
Our discerning subject matter experts bring along a
widespread knowledge of Life, Retirement & pension
plans as well as of Property, Casualty and Health
insurance plans. This diversified knowledge base
combined with our extensive experience and compe-
tence in domain, technology, tools and test methodolo-
gies will help overcome business challenges in the
Insurance business.
Hexawares fraud alert dashboard
Claims
application
Text Mining Engine
Predictive Model
Social Media Analyzer
Internal Db look-up
detection
F
r
a
u
d
E
n
g
in
e
External DB
Relations,
Tweets
Claim docs
Claimant, Claim
& event info
Policy, Coverage,
Limits
Search
results
Policy docs
Policy, Cover
Limits
Customer,
Agency,
UW, Policy
Misrepresentation / false information
Staged accidents
Phantom vehicles
Fluctuating coverages
VIN switch
Sample fraud types for PL Auto
Inflated damages
Business Benefits
Improvement in fraudulent claim detection rate
Reduction in fraud claims leakage by 5 to 10% percent
Reduction in claims costs with action to recover for already paid claims
Improvement in adjuster/investigator efficiency with improved quality of referral