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DataWalk: One-up your fraud detection game

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Bob Thomas, VP of Marketing, DataWalkBob Thomas, VP of Marketing The times we live in call for insurance companies to be on their toes. They need to update their rules and scores to stay ahead of fraudsters. As per the FBI, the total cost of insurance fraud (non-health insurance) is estimated to be more than $40 billion, and the insurance companies need to have complete insight to find genuine fraudsters. “The capabilities of some of the available software solutions are restricted to what the vendors can provide at the time of installation. Vendors configure their rules and scores, and then customers are stuck with them,” explains Bob Thomas, Vice President of Marketing at DataWalk.

This fundamental limitation of traditional insurance systems inspired Krystian Piećko, Founder and CTO of DataWalk, to develop new software with unique technology. “The software can handle vast amounts of data,” adds Thomas. “It is built on flexible visual querying and delivers rapid results.”

Using DataWalk, companies can configure and tune their own rules and scores. At the onset, DataWalk provides a library of rules and scores which the company can use. “We help our customers with their initial work of creating and tuning their first rules and scores, and then we show them how they can be self-sufficient and do it on their own,” says Thomas.


They have reached a rate of about 90 percent in terms of identifying suspect claims, which are later confirmed suspicious, and their false positive rate can be as small as 10 percent

DataWalk’s offering is available in the cloud and can also be deployed on- premise. It then takes another couple of days to configure the data sources to tie in all of the company’s data in DataWalk’s software. And then typically after a couple of days, customers can start generating first results.

One of their customers wanted to test their fraud hypotheses but were facing difficulty in doing so in their current system. They were in for a surprise upon testing DataWalk. “The customer thought after a week they would get a customized Powerpoint presentation of DataWalk,” shares Thomas. “Instead they were getting real results using their data. They have now reached a rate of about 90 percent in terms of identifying suspect claims which are later confirmed suspicious, and their false positive rate is down around 10 percent.”

DataWalk was able to integrate the customer’s foundational data sources, use those data sources together, and start generating rules and scores.

DataWalk addressed one of the core issues of detection and investigation of fraud: how to preempt a scam? The software is compatible with third-party and open source applications, enabling DataWalk’s customers to customize their rules and scores. Combined with machine learning capability of the software, companies can customize their rules and scores as per the needs and requirements of their business. “And importantly, companies can easily tune those rules and scores themselves over time to constantly improve,” says Thomas.

DataWalk is aiming to continue its growth trajectory and has already put in motion its expansion plans in the US and North America. Insurance Fraud will be primary targets along with intelligence on law enforcement. “By the middle of 2020, there will be a launch of a new facility that we are calling ‘Fraud of tomorrow’,” shares Thomas.

When fraudsters are using technology to improve their game, DataWalk’s unique technology can enable insurance companies to one-up their fraud detection game.

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DataWalk

Company
DataWalk

Headquarters
Redwood City, CA

Management
Bob Thomas, VP of Marketing

Description
DataWalk addressed one of the core issues of detection and investigation of fraud: how to preempt a scam? The software is compatible with third-party and open source applications, enabling DataWalk’s customers to customize their rules and scores. Combined with machine learning capability of the software, companies can customize their rules and scores as per the needs and requirements of their business. DataWalk is aiming to continue its growth trajectory and has already put in motion its expansion plans in the US and North America. Insurance Fraud will be primary targets along with intelligence on law enforcement