|By PR Newswire||
|October 30, 2012 02:15 PM EDT||
OAK BROOK, Ill., Oct. 30, 2012 /PRNewswire/ -- On Point Technology, teamed with Loblolly Consulting, is pleased to announce the award of a contract to implement On Point Technology's Unemployment Insurance (UI) business intelligence tools in the Texas Workforce Commission (TWC). By joining forces with Loblolly Consulting and On Point Technology, the TWC has positioned itself as a force to be reckoned with when it comes to combatting organized fraud.
Nationwide, organized UI fraud goes largely undetected. Most cases are discovered by chance, rather than by design. While there are no national statistics regarding the amount of UI dollars stolen by these schemes, the country-wide impact is likely to be massive. By uncovering just a small fraction, the TWC can yield a healthy return to its UI Trust Fund. A solvent UI Trust Fund saves claimants from having their benefits cut and employers from rising taxes and increases to their taxable wage base. With integrity software installed in over 20 State Workforce Agencies, On Point Technology has helped states reclaim more than $3 billion improperly paid UI benefits over the last decade.
The TWC has selected to implement On Point Technology's Aware for UI Benefits, Aware for UI Tax, and Aware Dashboard solutions. These products are the foundation of On Point Technology's Aware Enterprise, the leading suite of expert data analysis and management tools that provide sophisticated workforce reporting and the detection of identity theft and organized fraud. This robust solution is based on the input of State Workforce Agencies (SWAs) nationwide.
As the eleventh state to implement this powerful business intelligence tool, the TWC has joined a progressive group of states in its quest to combat organized fraud. Other states that have chosen to use Aware Enterprise solutions include: Alabama, Alaska, Arizona, Colorado, Massachusetts, Nevada, North Carolina, Ohio, and Tennessee.
On Point Technology has recently taken steps to further strengthen its position as the leader in UI business intelligence solutions by delving into advanced predictive modeling. In predictive modeling, analysts investigate essential data aggregated from a variety of sources through the application of statistical methods and data discovery techniques. These strategies often reveal unexpected patterns in fraudulent behavior that are not revealed through regular business rules. Consequently, these newly discovered features are used to develop complex algorithms that detect fraud efficiently, augment On Point Technology's current fraud detection tools, and prevent fraud before it occurs.
"As one of the largest states in the Union, the massive amount of data available in Texas will provide Aware Enterprise the input to conduct amazing analytics towards combating organized fraud," said Mike Lorsbach, President of On Point Technology. "We look forward to working with TWC on this important mission."
About On Point Technology
Founded in 1996, On Point Technology is the leading independent solution provider dedicated to State Workforce Agencies. Unemployment Insurance (UI) is not just one on a long list of practice areas for On Point Technology — it is their entire focus. The company was founded by former State Workforce Agency professionals and many of their staff come from State Workforce Agencies and government backgrounds. As the only solution provider managed by former SWA professionals, On Point Technology sets the standard in UI solutions. For more than a decade, they have delivered unmatched technology and expertise in all facets of UI programs including benefits, tax, adjudication, overpayments, and fraud prevention and detection.
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SOURCE On Point Technology