AACHEN, GERMANY and BOSTON, MA--(Marketwired - Sep 29, 2016) - Arvato Financial Solutions and INFORM today announced a strategic partnership to deliver complementary fraud management services and content to insurance businesses -- enabling rapid deployment of fraud detection technology, integration services and consultancy.
With the new global agreement, Arvato Financial Solutions and INFORM aim to deliver a Rapid Deployment Solution enhancing the SAP® Fraud Management for Insurance analytic application. SAP Fraud Management for Insurance helps insurance companies automate and optimize fraud detection, improve fraud investigation efficiency and avoid payments on illegitimate claim requests.
The collaboration is expected to provide significant value for insurance companies around the globe and across all insurance business lines. It allows insurance companies to choose from a broad set of predefined fraud detection rules and content, combined with insurance fraud and analysis expertise and skills offered by INFORM and Arvato Financial Solutions.
Key benefits for insurance companies will be:
- Mix of best-in-breed fraud detection technologies powered by SAP Fraud Management for Insurance and the SAP HANA® platform, plus in-depth fraud expertise gained from INFORM RiskShield software;
- Development of a Rapid Deployment Solution enables faster deployment of SAP Fraud Management for Insurance through built-in content for all business lines in insurance;
- Benefit of INFORM´s knowledge and technology to provide a robust and flexible, easy-to-handle integration into customer´s system landscape;
- Delivery of professional expertise and best-practice models in claims process optimization, governance, risk and compliance management by INFORM's and Arvato Financial Solutions' know-how and consultancy services.
"With our successful alliance, INFORM and Arvato Financial Solutions are able to offer a perfect combination of knowledge and add-on technology based on our RiskShield software experience with professional outsourcing services, credit & claims data sources, and global presence," says Dr. Andreas Meyer, Executive Vice President, Risk & Fraud Division at INFORM. "We expect this collaboration to further increase the value proposition for insurance companies choosing our offering as an enhancement of the SAP Fraud Management for Insurance solution."
"As a leading expert for credit information and fraud prevention for the German insurance industry, we have been working with INFORM for many years," says Dr. Frank Schlein, President, Risk Management at Arvato Financial Solutions. "Our industry-specific outsourcing solutions, combined with valid credit & claims data sources, and our unique analytics expertise can be implemented for the further benefit of our insurance clients on a global scale. It will give all new clients the possibility to combine a state-of-the-art software technology with our outstanding knowledge of how to identify fraudsters within insurance portfolios."
As compliance requirements shift and the volume and variety of fraud increases, insurers need to find ways to detect and manage irregularities quickly and efficiently. Combining SAP Fraud Management for Insurance, which is based on the SAP HANA platform, with Arvato´s and INFORM´s deep expertise will be tremendously beneficial to insurance companies around the globe. It gives insurers the tools, services and support they need to manage the complex compliance landscape and successfully fight financial crime and fraud.
About Arvato Financial Solutions:
Arvato Financial Solutions is synonymous with professional outsourcing services (Finance BPO) centering on reducing underwriting risk and support claims fraud detection and investigation by offering access to proprietary databases and professional services. As a financial solutions provider, we manage around 10,000 customers, specializing primarily in the insurance, retail/e-commerce, telecommunications, banking and healthcare sectors. This makes us Europe's third largest integrated financial service provider. The company is a leading supplier of credit information for the German insurance industry. In addition, Informa HIS GmbH, a subsidiary of Arvato Financial Solutions, has been selected to build and operate the exclusive fraud data pool (HIS) for the German insurance association (GDV) in 2011. For more information, visit finance.arvato.com
About INFORM GmbH
INFORM is a global provider of claims process optimization, workflow automation, compliance and fraud management solutions. It assesses the potential for claim fraud and medical billing fraud in real time and performs risk assessment within insurance application data. Using a predictive approach, RiskShield incorporates time proven methods such as fuzzy logic, pattern recognition, business rules, and the use of both internal and external data sources to score claims quickly that effectively result in valuable insights on fraudulent behavior. Throughout Europe, North America, Latin America, Africa and Asia, RiskShield has been deployed in more than 40 insurance companies and protects some of the world's largest insurers, including AXA, GEICO and Zurich. More than 1,000 companies worldwide benefit from using advanced optimization software systems by INFORM in industries such as insurance, payment & card fraud management, transport logistics, airport resource management, production planning. INFORM has over 550 employees from more than 30 countries. More information, visit www.riskshield.com
SAP, SAP Fiori, SAP S/4HANA and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE (or an SAP affiliate company) in Germany and other countries. See http://www.sap.com/corporate-en/legal/copyright/index.epx for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.
SAP Forward-looking Statement
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.