Huatai Property Insurance of China (Beijing) has selected FICO's (Minneapolis) insurance fraud protection solution to reduce losses from auto insurance claims fraud, while accelerating claims processing and improving customer service, according to a vendor statement.
"Huatai has a clear and specific goal, which is to reduce costs associated with fraudulent claims while delivering a superior experience to our customers," comments Liao Yinghui, VP, Huatai Insurance. "FICO has demonstrated exceptional expertise in risk management and analytic modeling, and we are confident their fraud protection solution will help us achieve our goal."
FICO's predictive analytic models help uncover fraud early in the process, analyzing claims as they are submitted and identifying potential fraud before payments are issued, the vendor asserts. At the same time, a link analysis tool uncovers patterns between claims indicating that the fraud may be the work of an organized criminal ring. By pinpointing fraud more precisely and minimizing "false positives" (legitimate claims singled out for fraud review), FICO's solution enables Huatai Insurance to offer greater flexibility in processing and faster settlement of the vast majority of claims that don't require reviews, according to the vendor.
Huatai's choice of FICO represents the first deployment of anti-fraud analytics in China's insurance industry, the vendor claims.
Established in 1996, Huatai Insurance is a nationwide comprehensive insurance company in China. It is also a strategic partner of ACE Insurance Group (Zurich). With 147 offices across China, Huatai Insurance's businesses include property loss insurance, liability insurance, credit and guarantee insurance, accident insurance and short-term health insurance. In the Asia Insurance Industry Competitiveness Ranking in 2009 and 2010, Huatai Insurance has been listed as the No. 6 in Asia's non-life insurance category and No. 4 in China's non-life insurance category for the two consecutive years.
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