The company said its Siebel Insurance 7.8 combines predictive analytics, real-time claims detection, claims alerting, reporting capabilities and task execution and management in order to help insurers tackle claims fraud.
The announcement comes as analysts estimate that the annual cost of fraud is $44bn, an increase of 63% in the past four years. Studies have also indicated that 10% to 15% of claims presented in the US are fraudulent and over 25% of insurance claims in the US have some element of fraud.
According to Siebel Systems, the new anti-fraud platform enables insurers to detect fraud at each stage of the claims process and discover new patterns to combat increasingly sophisticated fraudulent claims.
