InfoGlide Fraud Study Compares Its Product to Link Analysis

Austin, TX-based InfoGlide has issued a 28-page study of fundamental technology differentials between link chart analysis systems and its proprietary Similarity Search Engine. The study was created from testing several link analysis technologies, visiting companies who used link analysis and head to head benchmarks performed with the Similarity Search Engine and link analysis.

InfoGlide Corporation is funded by Conning & Company, authors of ``Insurance Fraud, The Quiet Catastrophe.''

Jay Valentine, CEO of InfoGlide said ``This definitive study draws the line on where to use link analysis and where to use the Similarity Search Engine. Link charting is a relic of the past when insurers blindly paid claims and later chased fraud. Today, innovative insurers want to stop fraud at the first notice of loss, with the Similarity Search Engine, before the claim is ever paid.''

The Similarity Search Engine can take each claim, weight it and score every field against databases from NICB, downloaded ISO data, Sanctioned Doctors, providers and other sources. A claim can be indicated as "fraudulent," before it is paid without any bad faith risk to the insurer, the firm says

Similarity Search is not an application required in every case, noted InfoGlide. Firms dealing with sophisticated fraud rings or Internet fraud would benefit from using it, the company says. Insurers not planning to sell over the Internet or those having fewer than three investigators may find that simple link analysis works for them, it adds.

Valentine said: ``How could any insurance executive possibly buy a fraud technology today that cannot handle Internet fraud? We have implemented some of the largest, most sophisticated e-commerce fraud detection systems in the world.''

In InfoGlide's study, link charting technology's most significant limitation was found to be the difficulty of dealing with lots of data in different formats. Another serious limitation of link analysis/visualization was its inability to deal with ``dirty'' or unscrubbed data.

Last year, InfoGlide says, the National Insurance Crime Bureau (NICB) performed a head-to-head benchmark between the InfoGlide Similarity Search Engine and leading link chart/visualization systems. The NICB took a major fraud ring and salted a database with it, providing it to several vendors. The link charting system was unsuccessful while the Similarity Search Engine found the ring in a day with a new employee conducting the investigation as a training exercise.

``We implemented the largest first notice of loss system in the world within the last 90 days,'' commented Valentine. ``We did it for a major e- commerce firm where they have over 30,000 new identities each day and millions of users. We stop fraud before it happens.''

InfoGlide Corporation is an Internet infrastructure company headquartered in Austin, Texas.