Insurance

FICO Platform maximizes the performance of insurers’ distribution networks by empowering agents and brokers to work as smartly and efficiently as possible. It allows agents and brokers to connect directly to carrier decision strategies, and greatly accelerates response time to their queries, thus translating to the highest possible conversions. Armed with detailed data and analysis, FICO Platform also allows carriers to provide differentiated service and explanatory responses to favored agents and brokers to reward top performers.

FICO Platform optimizes both underwriting processes and staffing in multiple ways. First, it consolidates data across the enterprise to utilize internal and external data more efficiently. Also, it enables the processing of more policies faster by driving higher levels of straight-through, exception-based processing. Finally, it helps insurers understand growth/risk tradeoffs by enabling both technical and business users to easily simulate scenarios in-house, before fielding them.

FICO Platform accelerates policy administration while increasing accuracy by identifying the correct document requirements for quicker binding to get the right docs to the right place at the right time. By leveraging all points of contact (renewals, payments, collections, etc.) and life events (births, marriage, etc.) insurers “get it right the first time,” helping to turn routine processes into engagement opportunities. FICO Platform also helps “manage the policyholder, not the policy” by treating customers holistically and assessing their insurance from across the portfolio (home, auto, liability, etc.) not just a single vantage point.

FICO Platform simplifies product management and helps insurers glean new revenue opportunities by simulating different product configuration scenarios before putting them into production to assess, from existing verified data, whether a new product will succeed in the market. Insurers can also test premium disruption around new pricing and configuration ideas. Using simulation and analysis of strategies before taking them results in higher ROI and helps to stave off unforeseen problems. This testing also allows for an increased number of configurations to match individual policyholder preferences and get as close to 1:1 as possible

FICO Platform improves the efficiency of claims processes and staffing by automatically making rapid assessments at first notice of loss (fraud, severity, quick pay), straight-through claims, and all other policyholder events as quickly and accurately as possible. FICO Platform uses each claims contact for detailed information gathering to enhance its knowledge of each policyholder for future engagements. It then manages all claim communications about status, next steps, missing information, etc., to keep the policyholder advised and feeling attentively served.

FICO Platform includes industry-leading policyholder analytics via real-time dashboards to keep ongoing, timely tracking of KPI results and what-if/what-will scenario testing. It uses production data to better understand policyholders, and identify cross-selling and upselling opportunities, while also supporting powerful test scenarios around potential new policyholder actions to increase confidence in strategies and actions

FICO Platform significantly improves the efficiency of the servicing processes and staffing by making it easy to develop and maintain policyholder journeys to optimize lifetime value. As their life, conditions, and needs change, the policyholder can be automatically shepherded through the ideal journey (e.g., a new baby could trigger the need for more life insurance, a bigger house, a minivan, etc.). Centralized servicing protocols give policyholders consistent treatment regardless of channel, whether by call center, agent, website, etc. And clients appreciate the personalized, analytic-driven communications strategies, rather than one-size-fits-all communication.