FICO Launches Claims Fraud Solution

FICO, a provider of analytics and decision management technology, has released a solution aimed at helping insurers curb the growing problem of insurance claims fraud. The FICO Claims Fraud Solution uses three integrated technologies in an attempt to identify fraudulent insurance claims faster and cut fraud losses for insurers.

FICO says its Claims Fraud Solution provides predictive models based on neural networks, modeled after the human brain, identify potential fraud either at the point of sale or at first notice of loss, so that insurers can catch fraud before the claim is paid. The results are prioritized so that investigation actions are more efficient, focusing most on those claims most likely to be fraud.

FICO adds that, with the solution's link analysis capabilities, fraud investigators can scour claims data to find previously undetected fraud based on connections to confirme fraud cases found by the business rules or FICO analytics.