Briefs

Real-Time Claims Analytics Solution Enables Insurance Companies to Combat Fraud -- Estimated to Cost $44 Billion Annually

SAN MATEO, Calif.--(BUSINESS WIRE)--June 28, 2005--Siebel Systems, Inc. (Nasdaq:SEBL), the leading provider of customer-facing solutions, today unveiled advanced claims analytics capabilities in Siebel Insurance 7.8. With Siebel Insurance 7.8, Siebel Systems brings to market a fraud prediction solution that combines the power of predictive analytics, real-time claims detection, claims alerting, task execution and management, and insight-driven reporting capabilities to efficiently and effectively assist insurers in addressing, detecting, and preventing fraud.

Claims fraud prevention is an increasingly important challenge facing the insurance industry. Analysts estimate the annual cost of fraud is at least $44 billion, up 63 percent in the past four years. Additionally, studies indicate that at least 10 to 15 percent of claims presented in the United States are fraudulent and over 25 percent of insurance claims in the United States have some element of fraud. With Siebel Claims Analytics, insurance organizations can detect and prevent fraudulent claims -- at each stage, across the entire life cycle of a claim.

Siebel Claims Analytics delivers powerful data analysis and pattern recognition capabilities that identify new fraud techniques across the claims book and translate them into fraud "scores" for individual claims through sophisticated data mining, predictive model-building, and testing.

Here is the rest of the story.