Admiral Gets Quick Results With FICO Anti-Fraud Technology

U.K.-based auto 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 prioritize cases.

"We chose a groundbreaking solution to get groundbreaking results," comments 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 auto insurance fraud solution at Admiral integrates three technologies for multi-layered protection, according to a vendor statement. 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 organized fraud rings is vital and the visual link analysis technology helps investigators find patterns quicker, the vendor asserts.

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio