U.K.-based auto insurer Admiral, a member company of the Admiral Group, will use FICO's (Minneapolis) auto insurance fraud models, business rules and link analysis tool to detect more fraud and reduce the cost of fraudulent claims, according to a joint insurer and vendor statement.
Susan Evans, the insurer's fraud manager for U.K. Operations says that the FICO solution will help the carrier to catch more fraud while maintaining superior customer service. She adds that the FICO technology will also enable Admiral's fraud team to focus on the most complex cases and develop anti-fraud strategies as new patterns of fraud emerge.
“Our evaluation led us to conclude that FICO’s system detected significantly more fraud than market-leading alternative suppliers,” comments Evans. “Our existing fraud systems are very strong, but the FICO proof-of-concept demonstrated clearly how we could do even better at detecting newer and ever-changing forms of organized fraud. We have worked with FICO for many years and we are excited to put their innovative new fraud detection solution to work in our business.”
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