Leading car insurance specialist finds £250,000+ in suspected fraud within first nine days
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 prioritise cases.
“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 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 organised 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.”
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