Quantexa ⁤Receives “Luminary” Status in 2024 Celent’s Insurance Fraud Detection Solutions Report

Quantexa, a global leader ⁢in Decision Intelligence ⁢(DI) solutions for the public ​and private sectors, has been ​awarded “Luminary” status in the 2024 Celent’s Insurance Fraud Detection Solutions: Property & Casualty Insurance Report.

The report highlights Quantexa’s position as a leading provider of advanced fraud ⁤detection and ⁤investigation solutions, demonstrating the impact the solution has on investigative and anti-fraud ⁢teams in the ‌insurance industry in protecting losses and improving customer experiences.

The Rise of Insurance Fraud

Insurance fraud ‌is ‌on the rise, with⁢ organizations in the UK recording a ⁣20% ⁢increase in ⁤false claims applications in the insurance sector in 2023. In ⁢the United States, it ⁤is estimated that $308.6 billion​ per‍ year ⁣is lost due ⁢to insurance fraud.

Quantexa’s Fraud and Security Solution

Quantexa’s Fraud and Security solution uses‌ AI ⁤and ML​ in its dynamic entity resolution and information graph capabilities to ingest, match, connect, and visualize billions of data records on demand. These records come from internal and external‌ sources,⁤ providing a more holistic, real-time view of‌ fraud risk.

Clients can use‍ a ‌range of anomaly detection ⁣and scoring features to self-sufficiently develop their own detection⁣ models ⁤to⁤ match their risk appetite,⁤ capacity, and book ​of business.

Recognition by ​Celent

The ‍Quantexa solution was recognized by Celent for its differentiation, as it‌ incorporates‍ innovative AI‍ technologies, such as machine learning, deep learning,⁤ and natural ⁤language processing, for predictive modeling and for ⁣data quality assessment and context generation.

Quantexa’s solution is also highlighted for its ability to be deployed ‌on all major public cloud ‍platforms‌ globally.

Leadership Position in the Report

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

Renowned analysts write that “Quantexa stands out as a leading fraud detection‍ platform ⁣in ‌terms of technology and functionality. Its significant​ investments, marquee clients, and strong market position suggest it will continue to be a leading player⁢ in insurance fraud detection.”

Expert Insights

Alex ⁢Johnson, Global Insurance Industry Leader at Quantexa, said: “Being​ recognized by​ Celent as a Luminary in anti-fraud technology validates our continued investment in research and ⁣development, our vision for the future, and the value we ⁢give⁣ to our clients all over ⁢the world.”

Nathan Golia, Senior ‌Analyst at Celent added: “We​ have a rigorous process of assessing ‌the solutions we⁢ consider for our Fraud ⁤Detection Solutions Report. To achieve luminary status, Quantexa⁢ excelled in the⁣ technical and functional dimensions‌ we measure. The world is increasingly⁢ vulnerable to fraud and solutions like these are essential‍ to protect insurers, and insurers’ customers.”