Fraud Focus provides reports that are web-based, operational, and customized to help its users analyze frauds. This solution caters to the insurance market, and protects users and the organizations from fraudulent activities such as insurance claims, medical providers, and policy premiums. It uses predictive analytics and data mining to identify fraudulent patterns. The solution is a combination of analytic and linking technology designed to protect users from fraudulent activities.
- Predictive model scoring – uses predictive analytic and data mining techniques to find subtle patterns which may be indicators of fraud in internal data and prioritises each claim, provider or policy based on the likelihood of fraud.
- Business rules – automatically detects when pre-determined business rules have been violated and provides alerts.
- Identity matching manager – automatically matches individuals, organisations, addresses and other identifiers to internal lists and third-party data sources, even when data is missing or incomplete, and consolidates the results from all matches in an easy-to-read format.
- Reporting engine – provides standard Web-based management and operational reports. Customised reports are also supported via the FraudFocus analytical data mart.
LexisNexis offers Fraud Focus in the FDP market. LexisNexis also provides AML solutions that offer extensive screening and monitoring of the entire lifecycle of a customer.
- Incorrct ResultsResults are incorrect if there are too many changes in client addresses or numbers. (2018) Show More
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LEXISNEXIS Presence in Fraud Detection Software
LexisNexis has been recognized for providing FDP solutions to an expansive set of customers who are present across a diverse set of verticals. The company’s key strategy to drive growth in the FDP market focuses on continuous development of its product offerings. This helps LexisNexis to meet the growing security needs in the market arising from the emergence of new types of fraudulent attacks. The company has adopted the inorganic growth strategy by acquiring other players in the FDP market to enhance its offerings. For instance, in June 2017, LexisNexis acquired Ravel Law. The acquisition enhanced the company’s offerings of legal analytics solutions. The company is also expanding its global reach in order to make its products available to more customers by entering into agreements with various distributors and resellers. For instance, LexisNexis has signed an agreement with Diligencia to expand its coverage in the regions of North Africa and the Middle East.
Top LEXISNEXIS Features
#1 Services / Others
#2 Type of Integrated Features / Insurance claims
#3 Product Features and Functionality / Type of Integrated Features
#4 Services / Training and Support
#5 Solutions Offered / Fraud Analytics
LEXISNEXIS has chosen it’s strengths in these 3 territories