Huatai Property Insurance of China has selected FICO's insurance fraud protection solution from FICO, a provider of analytics and decision management technology. The purchase represents the first deployment of anti-fraud analytics in China's insurance industry.
FICO says that, in 2011, China became the world's largest automobile market. In that same year, the auto insurance market experienced growth reported at 16.35 percent. Along with such growth, however, China's rate of claims fraud has risen rapidly, accordingly. Fraud has led to rigid and cumbersome processing practices that delay payments to legitimate customers.
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