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Insurance

Insurance

Using advanced analytics and decision management in the cloud to empower decision makers throughout the organization.

Overview

The insurance industry has long been a leader in the use of analytic models for pricing. Now, with new and more complex data available there are an increasing number of scenarios where analytics are making a big impact. FICO provides a platform for Insurance that uses advanced analytics to manage risk, prevent fraud, improve debt collections and increase your profitability while delivering a great customer experience. This includes areas such as:

  • Underwriting decisioning
  • Prevention of application and claims fraud
  • Increased automation and personalization on digital channels
  • Rapid application development
  • Optimization with advanced algorithms
  • Simulation and testing of pricing models
  • Decision and model governance and monitoring
  • Rapid deployment of SAS, R, Emblem and other analytic models
  • Using a highly segmented approach for collections and recovery

For insurance companies who deal with cyber-insurance, FICO delivers a research-proven approach to independently score 3rd party organizations based on their risk of data breach – this involves scanning the entire internet on a weekly basis and process an enormous data set using machine learning to create advanced predictive models. This same enterprise security score can be used to ensure you have accurate insight into your own company’s ability to keep sensitive data secure.

Case Study

GEHA

GEHA catches fraud before payout while improving case targeting twelve-fold.