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.”