San Mateo, Calif. - Siebel Systems Inc. is stepping up efforts to tackle the rise in fraudulent claims, the San Mateo, Calif., provider of customer-facing solutions reports. Analysts estimate that fraud in the U.S. has jumped 63 % in the past four years, and more than 25% of current U.S. insurance claims contain some element of fraud, contributing to an annual cost of at least $44 billion.

Siebel Systems brings to market a fraud prediction solution that combines predictive analytics, real-time claims detection, claims alerting, task execution and management, and insight-driven reporting capabilities to effectively assist insurers in addressing, detecting, and preventing fraud.

Siebel Insurance 7.8 is designed to detect and prevent fraudulent claims across the entire book of claims - at each stage, across the entire life cycle of a claim. The product helps users understand and measure key baseline and progress metrics in combating claims fraud and enables them to discover new fraud patterns to combat evolving and increasingly sophisticated fraudulent claims. The software also enables carriers to embed proactive fraud detection within the normal claims adjusting processes without a series of checklist, reviews, and manual processes.

Source:  Siebel Systems Inc.

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access