ISCS has added fraud detection capabilities to the claims component of its SurePower Innovation suite, available through version 3.0.6.
According to ISCS, the fraud detection framework added to Innovation Claims includes rule-based ranking of the probability of fraud for a specified claim; the ability for users to add company-specific rules to the framework; and alert creation for potentially fraudulent claims as they are adjusted and paid.
With the new framework, during the evaluation of an actual claim, a claimant or policyholder's fraud score is calculated based on many factors, including how many claims were made against the related policy in the last 12 months and the dates of the claims.
The software provider noted that Innovation Claims can be implemented independently or as a suite, and is offered as a complete managed SaaS solution in the cloud via the SurePackage deployment option.
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