The PARALLAXperspective provides an effective and proven solution for fraud detection through the use of advanced data analytics, link analysis, and the best-practice knowledge of fraud experts. With these tools, we are able to identify and define patterns and links indicative of fraud.
Today’s fraudsters are much more flexible than the organizations that they impact, enabling them to adjust tactics almost daily. Our platform is designed to continually adapt in direct relation to the identified fraud, and the individual requirements of each client are addressed by offering customized, targeted solutions.
This customized and targeted business intelligence provides clients with crucial insights needed to proactively mitigate risks and improve compliance throughout their organizations.
While many fraud analytics programs focus on traditional audit and process rules, the PARALLAXperspective uses a unique approach to fraud prevention. Algorithms based on fraudulent human behavior and pattern recognition, coupled with business rules, provide a holistic approach to fraud detection. PARALLAXperspective is derived from our teams’ decades of combined experience in fighting fraud, counter-intelligence operations and law enforcement globally.
Our insurance fraud database becomes more accurate and precise as member participation increases. Participating clients will not have access to other member’s data, but will receive a risk notification for their existing claims based on records from the centralized database. This benefits every network member, while maintaining the integrity of data protection and privacy.
As part of an end-to-end solution, we provide in-house training for Claims personnel on investigative processes, case management and reporting. The use of Special Investigation Units (SIUs) for fraud mitigation is best practice globally, but requires significant resources to maintain. We close that loop by providing investigative training to claims personnel as the final step in validating questionable and fraudulent claims.
Drive down Combined Ratios. Catching defective claims before they are paid helps insurers to minimize losses due to fraud, waste and abuse, improving bottom line profits significantly.
Reduce Premium Leakage. Predictive analytics and the network effect provide valuable information at the time of underwriting, helping to minimize risk.
Enhance Efficiency in Claims Processing. The use of automated fraud detection saves time, minimizes human error and allows claims personnel to focus their attention where it is truly needed.
Competitive Advantage. Insurers can expect to see a significant ROI from the PARALLAXPerspective. Savings can be passed back to the consumer in the form of lower premiums, providing a competitive advantage.
Governance & Compliance. Working with the PARALLAXPerspective addresses the need for anti-fraud plans and programs, as mandated by the applicable rules and administrative bodies.