The Korean Financial Supervisory Services (FSS) has launched an insurance Fraud Detection System, developed by Visual Analytics, Inc.’s award winning product, VisuaLinks.
The agency said it had implemented and will be using this system to detect fraud through the integrated analysis of insurance-related data including accidents, contracts, and claims.
The bulletin noted that the “FSS supervises, examines, investigates and enforces integrity within the Korean financial industry including banks, securities firms, brokerage houses, and insurance companies.”
Visual Analytics said it teamed with the LG CNS and SolutionMart consortium to deliver the system. “Under the scope of this project, the team built a data warehouse of insurance claims from over 40 insurance companies operating throughout Korea and utilized the VisuaLinks pattern discovery system to detect insurance frauds,” said the announcement.
It described the system as having the ability to link analysis and presentation capabilities that enable it “to detect linkages, conspiracies, and collusion among injurers, the injured and fellow passengers in car accident cases. The system also supports cutting-edge searching and reporting capabilities to identify variations in expected settlement amounts and types of insurance claims submitted by suspects. By analyzing the history of past insurance frauds, contracts and accidents, the FSS also created a database that will be used to identify the relationships among the entities such as suspects, financial consultants, hospitals and repair shops.”
According to Ted Yoon, Vice President with SolutionMart, “With the deployment of the Fraud Detection System, FSS expects to significantly reduce the amount of resources needed to perform fraud investigations. Additionally, it provides a preventative measure to reduce the overall amount of fraud encountered by FSS. Up to now, FSS has relied heavily on anonymous tips and manual work processes to investigate insurance fraud. This system is helping to revolutionize the fraud detection within Korea.”
Visual Analytics, Inc. is a privately held company, founded in 1998. It is based in the Washington, DC metropolitan area, and focuses on “Superior Pattern Discovery Solutions for Knowledge Discovery,” the bulletin indicated.
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