© Hexaware Technologies. All rights reserved. www.hexaware.com

Insurers across the globe are searching for new ways to identify fraudulent claims and underwriting irregularities early in the lifecycle to minimize fraudulent claims payments and to plug underwriting leaks. The scale of the problem can be understood by a quick look at the National Insurance Crime Bureau (NICB) estimates that fraud accounts for about 10% of losses and costs policyholders about $200-$300 a year in additional premiums. An exaggerated estimate of loss to property, a car repair estimate that includes pre-existing damages and escalated repair costs, a phony death claim or a staged killing of a person are some examples of ways that fraudsters use to recover annual premiums and policy deductibles. Improving the safeguards against fraud will help an insurer reduce claims costs by 5 to 10% and the insurers could pass on the benefit to customers in the form of lowered premiums.

iFraudEngine, Hexaware’s Insurance fraud engine, is designed to detect and prevent fraud (opportunistic and professional) throughout the underwriting and claims process lifecycle.

Key Features of iFraudEngine

• Custom data-driven and multi-parameters, and predictive analytics model developed by experienced actuaries, statisticians, data scientists, and domain experts. • Pre-configured business rules that can be customized by business users.• Text mining from unstructured sources such as adjuster reports, police reports, and social portals• Analysis of relationships and connections between individuals and groups involved in multiple claims and transactions, including social networking connections with known fraudsters• Detect anomalies across large pools of similar cases such as claims cost values with multiple standard deviations outside the norm for similar type of accidents.

iFraudEngine uses automated business rules to harness the power of predictive modelling, text mining, anomaly detection, and social network analysis for detecting and preventing fraud before it occurs. It provides a user-friendly dashboard as well as reports with fraud scores and alerts to provide decision-making support to insurance investigators.

Combat Insurance Fraud using Hexaware’s iFraudEngine

iFraudEngine Sample Dashboards

- Dectection pre, post adjudication & post payment of claims

- Text mining anomaly detection- Part cost & labor rate comparison

- Configurable business rules- Alert management & routing

- Pre-fill data updates- Real-time & batch- Web & mobile enabled

- Dashboard & reports- Filtering & sorting

- custom predictive model- Pattern dectection- Fraud scoring & confidence rating

- Relationships & Connections- Internal & external database search

iFraudEngine Business Architecture

© Hexaware Technologies. All rights reserved. www.hexaware.com

For all Hexaware office locations, visit: http://www.hexaware.com/worldwide.htm

Safe Harbor Certain statements on this brochure concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Hexaware has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry.

corporatemarketing@hexaware.com

NA Headquarters1095 Cranbury South River Road Suite 10, Jamesburg, NJ 08831Tel : 609-409-6950 Fax : 609-409-6910

India Headquarters152, Sector – 3Millennium Business Park‘A’ Block, TTC Industrial AreaMahape, Navi Mumbai – 400 710Tel : +91-22-67919595Fax : +91-22-67919500

EU Headquarters4th Floor, Cornwall House55-57 High Street, SloughBerkshire SL1 1DZ, UKTel : +44 (0)1753 217160 Fax : +44 (0)1753 217161

APAC Headquarters180 Cecil Street, #11-02, Bangkok Bank Building,Singapore 069546Tel : +65-63253020 Fax : +65-6222728

About HexawareHexaware is a leading global provider of IT solutions and BPO services. Also listed among the Top 20 Indian global IT services organizations, Hexaware is a USD 387Million (FY 2013) Company with global workforce of around 9000+ consultants. The company has achieved leadership position in domains such as Travel & Transportation, Banking and Financial Services, Insurance & Healthcare and HR-IT solutions. Hexaware focuses on delivering business results leveraging technology solutions and specializes in Business Intelligence & Analytics, Enterprise Applications, Customized Application develop-ment & Maintenance, Independent Testing and Legacy Modernization. Hexaware has been providing business technology solutions for over 22 years and offers future proof and highly cost-effective solutions and services to our customers, always striving to win their utmost confidence.

About Insurance ServicesAt Hexaware we provide end-to-end solutions in the Insurance domain. We provide service from assessing to planning and implementation to application develop-ment to maintenance support.We are capable of providing outsourcing services (Back-end processing, Claims adjudication etc.)

Our discerning subject matter experts bring along a widespread knowledge of Life, Retirement & pension plans as well as of Property, Casualty and Health insurance plans. This diversified knowledge base combined with our extensive experience and compe-tence in domain, technology, tools and test methodolo-gies will help overcome business challenges in the Insurance business.

Hexaware’s fraud alert dashboard

Claimsapplication

Text Mining Engine

Predictive Model

Social Media Analyzer

Internal Db look-up

detectionFr

aud

Engi

neExternal DB

Relations,Tweets

Claim docs

Claimant, Claim& event info

Policy, Coverage,Limits

Searchresults

Policy docs

Policy, CoverLimits

Customer,Agency,

UW, Policy

Misrepresentation / false informationStaged accidents

Phantom vehiclesFluctuating coveragesVIN switch

Sample fraud types for PL Auto

Inflated damages

Business Benefits• Improvement in fraudulent claim detection rate• Reduction in fraud claims leakage by 5 to 10% percent• Reduction in claims costs with action to recover for already paid claims• Improvement in adjuster/investigator efficiency with improved quality of referral