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Barbican will use the FICO Enterprise Security Score in underwriting decisions, and provide subscriptions to policy holders to promote ongoing cyber risk reduction

LONDON — January 17, 2018

HIGHLIGHTS:

  • Barbican Insurance Group has selected the FICO® Enterprise Security Score as its predictive analytic measure of cybersecurity risk for breach insurance underwriting.
  • The partnership will also provide Barbican’s insureds with access to the FICO® Enterprise Security Score Portrait product, enabling continual cyber risk mitigation.
  • In addition, Barbican will offer premium credit to all of its cyber policy holders that subscribe to the Enterprise Security Score.

Silicon Valley analytics firm FICO today announced its partnership with Barbican Insurance Group (Barbican), a multi-platform insurance group that underwrites business predominantly through its syndicates at Lloyd’s of London, and which provides global cyber insurance coverage to its insureds. Barbican will use the FICO® Enterprise Security Score to measure the cybersecurity risk of insureds, and will also provide insureds with access to the FICO® Enterprise Security Score Portrait product, which can help a firm identify and mitigate weaknesses in its defenses.

More information: http://www.fico.com/en/products/fico-enterprise-security-score

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Bank creates central decision hub with FICO technology to launch new credit strategies 30 percent faster and at 25 percent lower cost

JOHANNESBURG — November 23, 2017

HIGHLIGHTS:

  • African Bank, a large retail bank in South Africa, has worked with Silicon Valley analytics firm FICO to bring more efficiency, governance and collaboration to the way it makes decisions.
     
  • The bank uses FICO decision management technologies as its central decision-making hub.
     
  • African Bank can now launch new credit strategies 30 percent faster and at 25 percent lower cost, and can make changes to credit strategies in two days instead of two months.
     
  • FICO® Blaze Advisor® decision rules management system is part of FICO’s suite for decision management.

African Bank can now launch new credit strategies 30 percent faster at 25 percent lower cost and can make changes to credit strategies in two days instead of two months. The new African Bank, which underwent a restructuring and reopened in 2016, uses FICO decision management software as the central decision-making hub of the bank. This new technology from FICO is said to bring more efficiency, governance and collaboration to the way the bank makes decisions.

More information: http://www.fico.com/en/latest-thinking/case-study/ever-wonder-how-african-bank-transformed-its-decision-system-to-launch-strategies

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Card processor wins FICO Decisions Award for Fraud Control for achievements using FICO Falcon Platform and adaptive analytics

LONDON — November 14, 2017

Highlights:

  • UBS Card Center stopped 74 percent more fraudulent transactions in 2016 than in 2015, and saved potential losses of CHF172 million (about $172 million) using FICO® Falcon® Platform and related FICO technology.
  • UBS Card Center has won the 2017 FICO Decisions Award for Fraud Control.
  • UBS Card Center processes roughly 25 percent of the credit cards in Switzerland.
  • FICO® Falcon® Platform is the leading card fraud solution, protecting 2.6 billion payment cards worldwide.

UBS Card Center, which processes roughly 25 percent of the credit cards in Switzerland, has cut the amount of fraud write-offs per compromised card, stopped more fraudulent transactions and reduced false-positive rates using the FICO® Falcon® Platform. The card processor stopped 74 percent more fraudulent transactions in 2016 than in 2015, and saved potential losses of CHF172 million (about $172 million). UBS Card Center achieved these gains by leveraging the latest artificial intelligence and machine learning capabilities of the Falcon Platform, including the use of FICO® Fraud Predictor with Merchant Profiles and adaptive analytics.

For its achievements, UBS Card Center has won the 2017 FICO Decisions Award for Fraud Control.

More information: http://www.fico.com/en/products/fico-falcon-platform

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