Iowa Insurance Division’s Fraud Bureau Implementing State-of-the-Art Fraud Detection Technology from Infoglide Software Corporation
As part of an ongoing mission to best serve its constituents, the Fraud Bureau has selected Infoglide Software Corporation’s Identity Resolution Engine technology to greatly reduce the amount paid out to fraudulent claims each year.
Infoglide Software Corporation announced today that Iowa Insurance Division’s Fraud Bureau has begun a full implementation of the company’s premier fraud detection and analysis technology, Identity Resolution Engine™ (IRE).
Infoglide’s IRE software is the recognized leader in identity matching and link analysis technology designed to help organizations detect and deter fraud. IRE uses patented federated search, intelligent data matching, social link discovery, and automated decisioning designed to increase the effectiveness of the Fraud Bureau’s programs.
The Fraud Bureau confronts the problem of insurance fraud through the prevention, investigation, and prosecution of fraudulent insurance acts in an effort to reduce the amount of premium dollars used to pay fraudulent claims.The Fraud Bureau receives approximately 500 fraud referrals from insurance companies, law enforcement agencies, and the public totaling approximately$8,000,000 in losses annually.
Douglas Wood, Senior VP at Infoglide says that Iowa Insurance Division’sFraud Bureau has always been at the forefront of advancements designed to better serve their constituents. “Infoglide is absolutely delighted to partner with the Fraud Bureau to deliver next-generation fraud detection capabilities for the state. This organization represents the best of the best in state-managed fraud bureaus, and we look forward to many years of partnering to take more fraudsters off Iowa streets.”
The implementation of Infoglide’s IRE is expected to be completed by the first quarter of 2013 and, according to Wood, the company expects more than twenty other states to adopt the technology shortly thereafter.
About Infoglide Software Corporation
Infoglide Software (http://www.infoglide.com) supplies identity resolution solutions to government and commercial markets around the world. Infoglide’s software products help organizations search disparate databases, both internal and external, to discover hidden matches and non-obvious relationships between people, places, and things. The patented technology has over 50 attribute-specific algorithms that account for data errors and intentional attempts to deceive. The product is used by organizations in the insurance, banking, and government sectors for fraud detection and analysis, regulatory and compliance issues, and critical identity screening.
Incorporated in 1996, Infoglide Software is a privately held company headquartered in Austin, Texas.