RALEIGH, N.C. and ISELIN, N.J., Feb. 2, 2010 (GLOBE NEWSWIRE) -- enherent, a leading provider of business analytics solutions, and G4S Compliance & Investigations, the worldwide leader in risk management and fraud investigation, today announced an expansion of their existing partnership to deliver Polaris, a business analytics solution for the insurance industry using IBM’s advanced analytics technology. The restructured partnership expands the breadth of business analytics available to G4S clients and other members of the insurance value chain, with an initial focus on fraud mitigation. Fraud is a significant problem and the Coalition Against Insurance Fraud estimates the cost to the industry is more than $80 billion a year or nearly $950 per family.
The Polaris solution enables companies in the insurance industry to detect fraud earlier and more accurately by quickly analyzing large volumes of text (e.g. claim examiner notes, police reports, medical reports, email, etc.) as well as structured data associated with insurance claims. By automating the analysis of all claim data, the Polaris Solution significantly reduces the amount of time insurance professionals and Special Investigative Units (SIU) spend searching, reading and organizing claim information, enabling them to quickly uncover and address suspicious claim activity. The solution targets both individual and organized fraud across a number of insurance industry segments including workers’ compensation, property and casualty (P&C), auto and health care.
The challenges facing business leaders today are amplified by an inability to harness the information required to make good business decisions. The amount of data available to organizations is unprecedented, yet companies struggle to convert this data to actionable insight. With an ever accelerating rate of change, challenging economic conditions and narrowing profit margins, business leaders are in search of new and innovative ways to improve the predictability of decision making and ensure business outcomes.
To address these issues, enherent works with business leaders to adopt a “detect and predict” framework versus the traditional “sense and respond” mode of operating. A key to the framework is the combination of technology and domain expertise – which underscores the strength of the enherent and G4S partnership. Analytical solutions delivered through this partnership integrate G4S’s considerable industry expertise, starting with fraud detection and investigation, to enable decision makers and predict outcomes with more certainty. The initial focus on fraud detection is driven by increases in the frequency and complexity of fraud - in large part due to the economic downturn.
According to Pamela Fredette, Chairman and CEO of enherent, “Our goal is to use business analytics to enable the right business outcomes. We believe that a “detect and predict” framework must combine the knowledge of people and the power of analytical technology. Our expanded partnership with G4S allows us to capture their fraud and investigation expertise and automate its application. This approach combines world class technology from enherent and IBM with the knowledge of G4S experts to drive business analytics.”
“G4S is committed to continuous improvement in providing superior resources and solutions for our clients and employees. We believe our latest partnership with enherent will provide our clients and their customers with an industry leading business analytics platform to combat claims fraud on the front line,” stated Michael Malone, President, G4S Compliance & Investigations.
About enherent
enherent, an IBM Premier Business Partner for more than twenty years, is an IT consulting services firm delivering business analytics, enterprise content management and infrastructure solutions to enterprise and mid-market organizations. Our solutions enable clients to create, contribute, understand and transform structured and unstructured data into actionable intelligence to enhance decision making and innovation that create competitive advantage.
About G4S Compliance & Investigations
G4S Compliance & Investigations is a global leader of fraud abatement & corporate compliance solutions. Our value added Solutions include: Insurance & Investigation Solutions, Human Resources & Employment Solutions, Corporate Security Solutions and Compliance & Training Solutions.G4S Compliance & Investigations has revolutionized the insurance industry as a “OneSource” solution to help combat fraud. G4S is the largest employer quoted on the London Stock Exchange and has a secondary stock exchange listing in Copenhagen. G4S has operations in over 110 countries and over 570,000 employees. For more information on G4S Compliance & Investigations, visit www.cni.g4s.com.
The G4S Compliance & Investigations logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1500