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CGI Launches Fraud Detection Service for the Insurance Industry, Solution Powered by SAS(November 04, 2011)
TORONTO, ONTARIO -- (Marketwire) -- 11/04/11 -- CGI Group Inc. (TSX:GIB.A) (NYSE:GIB), a leading provider of information technology and business process services, today announced a new, state-of-the-art, comprehensive service to assist Canadian property and casualty insurers in their fight against insurance fraud. CGI's fraud detection solution, powered by SAS, responds to this growing challenge.
"There is no question that auto insurance fraud is an increasingly sophisticated crime," said Doug McCuaig, President, Canada, CGI. "Together with SAS, CGI is supporting the insurance industry in its effort to stay well ahead of fraud by providing insurance companies with access to comprehensive, timely and reliable data."
"It is truly staggering the extent to which crime rings are at the heart of auto insurance fraud in Canada," said Carl Farrell, Executive Vice-President, SAS Americas. "This alliance will combine cutting-edge technology with rich historical data to give Canada's insurers a more accurate picture of fraud and the crime rings they are up against."
The fraud detection solution will provide participating insurers with access to a service that leverages policy and claim data hosted and managed by CGI and employs proven SAS fraud detection technology, including social network analysis, predictive modeling and anomaly detection. This combination of existing data from participating insurers and an advanced software framework will produce a composite fraud score that can be used fully and consistently across the insurance value chain - from policy inception to claim.
"Insurance fraud affects every single Canadian with an insurance policy," said Maurice Tulloch, President and CEO of Aviva Canada. "As one of the largest P&C insurance providers in the country, we are committed to working across the industry to protect consumers and reduce the costs of abuse. We all need to focus on shutting down the fraudsters, and one of the most powerful things we can do is collaborate more closely to identify criminal individuals, practitioners and gangs."
CGI's new fraud detection service will tie in with insurers' existing data infrastructures and integrate into the claims and underwriting processes, while providing hands-on visual tools, such as fraud risk scores, dashboards, network link analysis and automatic archiving of data-relationship rules.
Founded in 1976, CGI Group Inc. is one of the largest independent information technology and business process services firms in the world. CGI and its affiliated companies employ approximately 31,000 professionals. CGI provides end-to-end IT and business process services to clients worldwide from offices and centres of excellence in the United States, Canada, Europe and Asia Pacific. As at June 30, 2011, CGI's annualized revenue was approximately C$4.2 billion and its order backlog was approximately C$12.7 billion. CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB) and are included in both the Dow Jones Sustainability Index and the FTSE4Good Index. Website: www.cgi.com.
SAS is the leader in business analytics software and services, and the largest independent vendor in the business intelligence market. Through innovative solutions delivered within an integrated framework, SAS helps customers at more than 45,000 sites improve performance and deliver value by making better decisions faster. Since 1976 SAS has been giving customers around the world THE POWER TO KNOW??.
The Canadian subsidiary of SAS has been in operation for 23 years. Headquartered in Toronto, SAS employs 263 people across the country at its Vancouver, Calgary, Edmonton, Winnipeg, Toronto, Ottawa, Quebec and Montreal offices. www.sas.com
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