The insurance industry is going through difficult times, which makes it more important for insurers to better manage the basics, according to “Claims Fraud Detection Systems: 2012 IT Vendor Spectrum,” from Celent.

“Fighting claims fraud represents a key element of insurers’ strategy, and we think claims fraud mitigation will trigger more investment in the near future,” said 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.”

The report offers a description of IT vendors and their claims fraud detection products. Each vendor is profiled with a synoptic table presenting the company and its claims fraud detection solution. The report authors then describe the solutions’ data sources, delivery options, functionality and technology and review implementation and costs, as well as breaking out which vendors offer fraud detection systems on a software-as-a-service basis.

Vendors profiled include BearingPoint, CSC, Detica NetReveal, FICO, Friss Fraud & Risk Solutions, IBM, Innovation Group, LexisNexis, Panopticon Software AB, SAP, SAS Inc., SynerScope B.v., and Valen Technologies Inc.

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