Hexaware Technologies, a leading global provider of IT, BPO and consulting services, said its FraudEngine for fraud detection will deliver the insurance industry significant savings in the range of 3-7% of the current gross premium revenues.

"New fraud analytics solution provides insurers fraud management capabilities and visibility. This enables early detection of fraud in the process claims lifecycle, reducing the number of false claims payments to about 10 per cent," the company claimed.

''Insurance fraud is a significant problem and while many insurers prefer to ignore these issues in order to keep their customers base intact, fraudsters effect on ever-increasing premiums is something we can no longer ignore,'' said Ramanan Seshadri, executive vice president & Global Head Insurance and Healthcare Business Unit, Hexaware Technologies.

Shares of the company gained Rs 5.7, or 3.88%, to settle at Rs 152.50. The total volume of shares traded was 174,711 at the BSE (Tuesday).