LONDON, Quantexa, the global leader in Decision Intelligence (DI) solutions for the public and private sectors, today announced that its Fraud Detection solution has been awarded 'Luminary' status in Celent's 2024 Insurance Fraud Detection Solutions: Property and Casualty Insurance Report. The report highlights Quantexa's position as a leading provider of advanced fraud detection and investigation solutions. It showcases the impact the solution has on investigative and anti-fraud teams in the insurance industry make when protecting losses and enhancing customer experiences. Insurance fraud is on the rise; organizations in the UK recorded that false claim applications increased by 20% in the insurance sector in 2023. In the U.S it is estimated that $308.6 billion annually is lost to insurance fraud. Quantexa's Fraud and Security solution uses AI and ML in its dynamic entity resolution and knowledge graph capabilities to ingest, match, connect, and visualize billions of data records on-demand. These records c ome from both internal and external sources, providing an advanced, real-time holistic view of fraud risk. Clients can use a range of scoring and anomaly detection features to develop their own detection models self-sufficiently to match their risk appetite, capacity, and book of business. Source: BERNAMA News Agency