QUANTEXA GRANTED A “LUMINARY” IN INSURANCE FRAUD DETECTION

KUALA LUMPUR, Sept 5 (Bernama) -- Quantexa, the global leader in Decision Intelligence (DI) solutions for the public and private sectors, announced its Fraud Detection solution has been awarded “Luminary” status in Celent’s 2024 Insurance Fraud Detection Solutions: Property & Casualty Insurance Report.

Quantexa Global Insurance Industry Lead, Alex Johnson said being recognised by Celent as a Luminary in anti-fraud technology validates the company’s ongoing investment into research and development (R&D), its future vision, and the value delivered to its clients across the globe.

The report highlights Quantexa’s position as a leading provider of advanced fraud detection and investigation solutions, according to a statement.

It showcases the impact the solution has on investigative and anti-fraud teams in the insurance industry make when protecting losses and enhancing customer experiences.

Insurance fraud is on the rise; organisations in the United Kingdom recorded that false claim applications increased by 20 per cent in the insurance sector in 2023, while in the United States it is estimated that US$308.6 billion annually is lost to insurance fraud.

Quantexa’s Fraud and Security solution uses artificial intelligence (AI) and machine learning (ML) in its dynamic entity resolution and knowledge graph capabilities to ingest, match, connect, and visualise billions of data records on-demand.

The company’s solution was recognised by Celent for its differentiation as it incorporates innovative AI technologies for predictive modelling as well as for data quality assessment and context generation. In addition, it was also highlighted for its ability to be deployed on all major public cloud platforms globally.

The report analyses 10 fraud detection solution providers based on their technology and functionality. Quantexa’s “Luminary” status puts them in the leadership position in the report.

Celent analysts write that Quantexa stands out as a leading fraud detection platform from both a technology and functionality perspective. Its significant investments, marquee clients, and strong market positioning suggest it will remain a top player in insurance fraud detection.

-- BERNAMA