Chicago - Danish insurance company ALKA is fighting customer fraud and enhancing customer services with PredictiveClaims, an application developed by SPSS Inc. ALKA recently purchased and implemented the software in an effort to improve claims handling efficiency while reducing the cost of fraudulent claims.ALKA is one of the five leading insurance companies in Denmark. To differentiate itself in a highly competitive market, the company aimed to optimize its expensive claims handling processes and offer better service to customers. ALKA sought to enable "fast-track claim handling" while still sifting out the fraudulent cases from its high claim volumes. Industry experts estimate that on average 10% of all claims are fraudulent, whereas usually only 0.5% to 1% of fraud is actually being detected.
SPSS' software enables ALKA to automatically determine during the claims notification process whether an incoming claim qualifies for immediate approval or needs to be further examined by experts. Hence, the company is now able to settle 8 out of 10 claims immediately within 24 hours after the notification, reducing claim cycle times and providing optimal customer service.
"We want to ensure that our honest and loyal customers are presented with good prices. To accomplish this, we must reduce fraud and SPSS helps us realize this," says Jakob Laursen, vice president of business intelligence at ALKA.
Source: SPSS Inc.
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