re: PLEXUS...what is Fraudscope?
For those people that might be interested this announcement made 7 March 2001 offers a good explanation of what Fraudscope is, although the article is 1 year old it should be highly relevant now as the launch gets closer.
PLEXUS INTERNATIONAL LIMITED 2001-03-07 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++ The Directors of Plexus International Ltd ("Plexus") are pleased to announce that Plexus has been awarded an Australian Federal Government R&D "Start" Grant of $1.14 million to develop "FraudScope" (formerly known as "Fraud Assist").
"FraudScope" is a knowledge-based system designed to detect potentially fraudulent insurance claims. The concept was developed in Australia by Plexus Executive Chairman, Ray Hammond, supported by a small team of behavioural scientists. The first release of "FraudScope" to the international insurance market is planned to occur in the third quarter this year. This release will focus on motor vehicle insurance claims.
It is anticipated that the development of "FraudScope" for the total range of insurance categories will take two years to complete. The bulk of the development will be carried out in Australia utilising existing Plexus resources.
The Directors recognise that the release of "FraudScope" is a major step forward in providing the insurance industry with a dynamic fraud management solution, which can be used both in an underwriting and claims context. Recent presentations to key Australian insurers met with positive responses and it is anticipated that the product will provide substantial licence income opportunities for Plexus and its UK subsidiary, Uplex plc. The news of the grant was greeted with enthusiasm by insurance industry alliance partner. Bev Fitzgerald, Chief Executive of the large UK loss adjusting and investigation group, Miller Pyecraft, which employs some 1300 people, said: "We are delighted to have signed a Memorandum of Understanding with Uplex plc establishing a strategic alliance to develop and market "FraudScope" and other allied products, in the UK. We believe there is a substantial market opportunity for the behavioural-based new fraud initiative offered by "FraudScope". Working together, we are now looking forward to generating additional revenue and profit from this alliance".
R Hammond EXECUTIVE CHAIRMAN
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