LONDON, March 15, 2012 /PRNewswire/ -- FICO (NYSE:FICO),
the leading provider of analytics and decision management
technology, today announced that the UK motor insurance specialist
Admiral has deployed a new claims fraud system based on FICO
analytics, business rules and link analysis technology. This
system, which went live earlier this month, has already improved
the ability of Admiral's fraud team to detect suspicious claims and
prioritize cases.
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"We chose a groundbreaking solution to get groundbreaking
results," said Susan Evans, fraud
operations manager for UK Operations at Admiral. "FICO's
development of predictive models for our business, and our
implementation of their combined solution, has been a tremendous
success. In the first nine days since the system went live, we have
found more than 250,000 pounds in suspected fraud."
The FICO motor fraud solution at Admiral integrates three
technologies for multi-layered protection. Predictive analytics
score each motor insurance claim submitted to Admiral's claims
centers to identify out-of-pattern or high-risk claims before
payment. The FICO® Blaze Advisor® business rules management system
enables Admiral's fraud investigators to set rules for known fraud
factors, and to address new fraud patterns quickly with new rules
without involving their IT department. And an advanced link
analysis tool then looks for similarities between suspicious claims
and claims that are known to be fraudulent in order to find and
respond quickly to otherwise unidentified instances of fraud.
Detecting organized fraud rings is vital and the visual link
analysis technology helps investigators find patterns quicker.
"Motor insurance is the top insurance fraud category in the UK,"
said Mike Gordon, vice president and
managing director for FICO in Europe, the Middle
East and Africa. "Admiral's
approach to this problem is more advanced than the current standard
practice in the insurance industry — not just in the UK, but in the
world."
The Admiral Group (www.admiralgroup.co.uk) launched in 1993 and
includes the brands Admiral, elephant.co.uk, Diamond and Bell. It
employs more than 4,600 people in the UK and has more than 3
million UK customers. Admiral Group plc is a UK FTSE 100
company.
About FICO
FICO (NYSE:FICO), formerly known as Fair Isaac, delivers
superior predictive analytics solutions that drive smarter
decisions. The company's groundbreaking use of mathematics to
predict consumer behavior has transformed entire industries and
revolutionized the way risk is managed and products are marketed.
FICO's innovative solutions include the industry-leading solutions
for measuring credit risk, managing credit accounts, identifying
and minimizing the impact of fraud, and customizing consumer offers
with pinpoint accuracy. Most of the world's top banks, as well as
leading insurers, retailers, pharmaceutical companies and
government agencies, rely on FICO solutions to accelerate growth,
control risk, boost profits and meet regulatory and competitive
demands. Learn more at www.fico.com. FICO: Make every decision
count™.
For FICO news and media resources, visit www.fico.com/news.
Statement Concerning Forward-Looking Information
Except for historical information contained herein, the
statements contained in this news release that relate to FICO or
its business are forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to
risks and uncertainties that may cause actual results to differ
materially, including the success of the Company's Decision
Management strategy and reengineering plan, the maintenance of its
existing relationships and ability to create new relationships with
customers and key alliance partners, its ability to continue to
develop new and enhanced products and services, its ability to
recruit and retain key technical and managerial personnel,
competition, regulatory changes applicable to the use of consumer
credit and other data, the failure to realize the anticipated
benefits of any acquisitions, continuing material adverse
developments in global economic conditions, and other risks
described from time to time in FICO's SEC reports, including its
Annual Report on Form 10-K for the year ended September 30, 2011, and its latest quarterly
report for the three months ending December
31, 2011. If any of these risks or uncertainties
materializes, FICO's results could differ materially from its
expectations. FICO disclaims any intent or obligation to update
these forward-looking statements.
FICO, Blaze Advisor and "Make every decision count" are
trademarks or registered trademarks of Fair Isaac Corporation in
the United States and in other
countries.
SOURCE FICO