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.
The software from FICO is designed to reduce losses from auto insurance claims fraud, while accelerating claims processing and improving customer service.
FICO says its predictive analytic models aim to uncover fraud early in the process by analyzing claims as they are submitted and identifying potential fraud before payments are issued. At the same time, a link analysis tool seeks patterns between claims that may indicate wide-spread organized fraud.
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