FICO, a provider of analytics and decision management technology, announced that Huatai Property Insurance of China has selected FICO's insurance fraud protection solution.
According to a release, 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. 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.
"Huatai has a clear and specific goal, which is to reduce costs associated with fraudulent claims while delivering a superior experience to our customers," said Liao Yinghui, VP, Huatai Insurance, when talking about the cooperation between two parties, "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."
"Fraud is both costly and disruptive, and will likely escalate as China's insurance industry grows," said John Chen, FICO's managing director for China. "FICO's analytic-powered solution is unique in its ability to speed up the overall claims process and increase customer satisfaction while reducing fraud losses. As a premier company in China's insurance industry, Huatai Insurance is leading the way as the first insurer to use advanced analytics to combat fraud."
Huatai Insurance is an insurance company in China.
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