enherent and G4S Compliance & Investigations to Deliver Fraud Mitigation Solution That Reduces the Cost of Insurance Fraud
February 02 2010 - 12:01AM
Business Wire
enherent, a leading provider of business analytics solutions,
and G4S Compliance & Investigations, the worldwide leader in
risk management and fraud investigation, today announced an
expansion of their existing partnership to deliver Polaris, a
business analytics solution for the insurance industry using IBM’s
advanced analytics technology. The restructured partnership expands
the breadth of business analytics available to G4S clients and
other members of the insurance value chain, with an initial focus
on fraud mitigation. Fraud is a significant problem and the
Coalition Against Insurance Fraud estimates the cost to the
industry is more than $80 billion a year or nearly $950 per
family.
The Polaris solution enables companies in the insurance industry
to detect fraud earlier and more accurately by quickly analyzing
large volumes of text (e.g. claim examiner notes, police reports,
medical reports, email, etc.) as well as structured data associated
with insurance claims. By automating the analysis of all claim
data, the Polaris Solution significantly reduces the amount of time
insurance professionals and Special Investigative Units (SIU) spend
searching, reading and organizing claim information, enabling them
to quickly uncover and address suspicious claim activity. The
solution targets both individual and organized fraud across a
number of insurance industry segments including workers’
compensation, property and casualty (P&C), auto and health
care.
The challenges facing business leaders today are amplified by an
inability to harness the information required to make good business
decisions. The amount of data available to organizations is
unprecedented, yet companies struggle to convert this data to
actionable insight. With an ever accelerating rate of change,
challenging economic conditions and narrowing profit margins,
business leaders are in search of new and innovative ways to
improve the predictability of decision making and ensure business
outcomes.
To address these issues, enherent works with business leaders to
adopt a “detect and predict” framework versus the traditional
“sense and respond” mode of operating. A key to the framework is
the combination of technology and domain expertise – which
underscores the strength of the enherent and G4S partnership.
Analytical solutions delivered through this partnership integrate
G4S’s considerable industry expertise, starting with fraud
detection and investigation, to enable decision makers and predict
outcomes with more certainty. The initial focus on fraud detection
is driven by increases in the frequency and complexity of fraud -
in large part due to the economic downturn.
According to Pamela Fredette, Chairman and CEO of enherent, “Our
goal is to use business analytics to enable the right business
outcomes. We believe that a “detect and predict” framework must
combine the knowledge of people and the power of analytical
technology. Our expanded partnership with G4S allows us to capture
their fraud and investigation expertise and automate its
application. This approach combines world class technology from
enherent and IBM with the knowledge of G4S experts to drive
business analytics.”
“G4S is committed to continuous improvement in providing
superior resources and solutions for our clients and employees. We
believe our latest partnership with enherent will provide our
clients and their customers with an industry leading business
analytics platform to combat claims fraud on the front line,”
stated Michael Malone, President G4S Compliance &
Investigations.
About enherent
enherent, an IBM Premier Business Partner for more than twenty
years, is an IT consulting services firm delivering business
analytics, enterprise content management and infrastructure
solutions to enterprise and mid-market organizations. Our solutions
enable clients to create, contribute, understand and transform
structured and unstructured data into actionable intelligence to
enhance decision making and innovation that create competitive
advantage.
About G4S Compliance & Investigations
G4S Compliance & Investigations is a global leader of fraud
abatement & corporate compliance solutions. Our value added
Solutions include: Insurance & Investigation Solutions, Human
Resources & Employment Solutions, Corporate Security Solutions
and Compliance & Training Solutions. G4S Compliance &
Investigations has revolutionized the insurance industry as a
“OneSource” solution to help combat fraud. G4S is the largest
employer quoted on the London Stock Exchange and has a secondary
stock exchange listing in Copenhagen. G4S has operations in over
110 countries and over 570,000 employees. For more information on
G4S Compliance & Investigations, visit www.cni.g4s.com.
Enherent (CE) (USOTC:ENHT)
Historical Stock Chart
From May 2024 to Jun 2024
Enherent (CE) (USOTC:ENHT)
Historical Stock Chart
From Jun 2023 to Jun 2024