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Introducing Polaris for Business Analytics
As I have discussed a number of times in various blog entries, delivering business analytics that truly enable outcomes is multi-faceted. In line with this, we are announcing the launch of Polaris™, an enherent business analytics solution that combines multiple forms of analytics to deliver the right business outcomes. The initial solution focuses on fraud mitigation.
Our strong partnership with G4S Compliance and Investigations allows us to embed fraud abatement expertise with enherent & IBM advanced analytics technologies to identify insurance fraud more accurately and earlier in the claim process. The difference between Polaris™ and other solutions lies in the combination of emerging forms of advanced analytics and more traditional analytical approaches.
The foundation of our solution is text analytics, supported by Cognos Content Analytics (CCA) from IBM. CCA provides a robust dictionary creation feature that enables the capture and application of subject matter expertise and knowledge. This represents the second key component of our solution: knowledge management. Years of fraud abatement knowledge and experience are applied to the assessment of claims in the form of captured G4S knowledge. As a global leader of fraud abatement and corporate compliance solutions, G4S knowledge is a critical piece of the analytics solution. This knowledge resides in enherent fraud dictionaries and is applied to ALL data, both structured and unstructured. It is through text analysis that our dictionaries are applied. The highly suspicious claims identified through this approach are very accurate.
The next advanced analytic component of the solution is predictive modeling, which is used to supplement real-world knowledge. Our dictionaries are refined by the fraud insights we find through statistical analysis. Current solutions use statistical analysis as the primary method of finding suspicious claims. For a number of reasons, this approach is sub-optimal.
Finally, traditional dashboards, drill-down and analytical processing is provided to deliver a high level of insight from a comprehensive base of claim information. The solution combines natural language processing, knowledge, statistics and traditional business intelligence to ensure accuracy and deliver the right business outcomes.
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