Insurers have adopted Fair Isaac's predictive analytics, business rules and decision optimization to make decisions throughout the customer lifecycle, from underwriting and claims to marketing and distribution.
More than 400 insurers worldwide have applied our solutions across multiple lines of business, including personal and commercial lines, life, health, annuities and pensions. Fair Isaac's Decision Management technology and experience working with industry leaders has yielded tremendous results, including:
- Loss ratios improved from 3% to 8%
- Underwriting costs reduced by 15% to 20%
- Loss adjustment expense reduced by 20% to 25%
- Losses due to fraudulent claims reduced by 20% to 50%
- Qualified leads increased by 4-6 times
- Cost of IT systems support reduced by 40% to 50%.
We have specialized expertise and offerings in personal lines and commercial underwriting, claims management and marketing and distribution. Our clients range from leading global and US insurers to small-and mid-size regional players.
Underwriting and Policyholder Management
For almost two decades, personal lines insurers have relied on Fair Isaac's predictive analytics, delivered through industry-standard scores and empirical models, to improve the precision of their underwriting decisions. Now both personal lines and commercial insurers turn to Fair Isaac for a complete set of Decision Management solutions that help them apply predictive analytics to better understand risk; use advanced optimization techniques to maximize the value of a book of business; standardize and automate underwriting decisions to improve efficiency; expand capacity and ensure discipline; and gain consolidated access to data to simplify and reduce the cost of underwriting decisions.
Featured Success Story
Kemper rolls out real-time, risk-based underwriting
Fair Isaac® Blaze Advisor® business rules management system
Reduce underwriting costs by as much as 15% to 20% with unprecedented speed and agility in decision management. Fair Isaac Blaze Advisor puts business rule development and management in the hands of the business user, enabling the design and automation of thousands of underwriting rules, resulting in real-time underwriting decisions.
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Fair Isaac® Precision Marketing Manager
Fair Isaac Precision Marketing Manager is an advanced, multi-channel direct marketing platform that increases sales revenue by targeting customers with cost-effective, timely and relevant campaigns.
Learn moreFair Isaac® Predictive Analytics
Fair Isaac provides personal and commercial underwriters with custom models that improve underwriting decisions by providing superior forecasts of customer behavior. Fair Isaac's predictive insurance models predict new and renewal underwriting risk for personal lines by rank-ordering performance according to measures such as loss ratio, loss cost, loss frequency and profitability.
Learn moreFair Isaac® Insurance Risk Scores
These scores are the industry standard for using rich credit repository data to assess the risk presented by personal lines policyholders, enabling rapid, consistent underwriting. In addition, Fair Isaac has developed new scores that quickly assess property risk.
Learn moreModel Builder
Model Builder is a development environment that accelerates the creation and deployment of sophisticated analytic models. Insurers can use Model Builder to develop their own risk scorecards that improve decisions with forecasts of policyholder profitability.
Learn moreDecision Optimizer
Fair Isaac® Decision Optimizer is optimization software that can be used to develop decision strategies that assign the ideal action (such as pricing) to every account in order to maximize results for your book of business.
Learn moreFair Isaac® Xpress-MP Optimization Suite
The Xpress-MP suite comprises the foremost mathematical modeling/programming language, complete development environment and suite of solvers for optimization problems of all kinds. Fair Isaac applies deep domain expertise in insurance to create optimization solutions using Xpress-MP that fit your unique needs.
Learn moreFair Isaac Services
Fair Isaac offers a range of underwriting data analysis and consulting services, including segmentation optimization, regulatory consulting, histogram production, impact analysis, retention modeling, and lift opportunities on existing models.
Learn moreClaims Management
We help insurers go beyond mere efficiency improvements to focus on the effectiveness of their claims decisions. Our solutions help insurers properly set reserves to maximize capital efficiency; pinpoint fraudulent claims to avoid and deter false activity; identify opportunities for subrogation and salvage to recover losses and forgone asset value; and consistently apply policy terms and conditions to eliminate unwarranted payouts.
Featured Success Story
Payment Optimizer catches fraud before payout while accelerating automated claims processing for GEHA
MIRA™ Claims Advisor for Reserving
MIRA Claims Advisor enables insurance adjusters to better estimate reserves for actual claims costs, reducing exposure and allowing timely premium adjustments and rate assignments. Combining predictive modeling with statutory logic and business rules, MIRA provides predictions that conform to state laws and corporate reserve policies.
Learn moreVeriComp Fraud Manager
VeriComp Fraud Manager consistently identifies and prioritizes suspicious worker's compensation claims. Using neural network technology, VeriComp automatically detects the small percentage of claims likely to cause the majority of losses, before big payouts.
Learn morePayment Optimizer
Payment Optimizer is the first system that detects fraud, abuse and error in healthcare claims before payment and identifies suspicious providers the moment aberrant behavior patterns emerge. Payment Optimizer accelerates claims processing while saving money by avoiding improper payments, increasing loss recovery and correcting systemic vulnerabilities.
Learn moreFair Isaac Predictive Analytics
Fair Isaac provides custom models that assess claims fraud risk, helping insurers pinpoint the signs of abuse to avoid and deter false activity.
Learn moreMarketing and Distribution
Fair Isaac can help you improve your distribution management and make sure your agents are realizing their full potential. We'll help you understand how your agents are producing, what level of business is possible and how you can close the performance gap to see maximum profitability. Insurers use our solutions to: select the right agents to build a network that will attract desired customers; set and deliver optimal levels of service to capture a disproportionate share of profitable business; allocate leads and opportunities to maximize rates of conversion; support local customer marketing activities to drive high rates of acquisition, development, and retention.
Fair Isaac® Precision Marketing Manager
Increase qualified leads by 4 to 6 times by identifying, understanding, and interacting with customers through more effective marketing campaigns across multiple channels. Precision Marketing Manager Identifies customers through an analysis of existing and new customer data, targets high-potential individuals with powerful analytic models, and enables development, planning, and execution of multi-channel marketing strategies.
Learn moreFair Isaac® Blaze Advisor® business rules management system
Our industry-leading solution for creating, managing and changing rules can be used to set the criteria you use to select the right agents for your network, and allocate leads and opportunities to maximize rates of conversion.
Learn moreFair Isaac® Predictive Analytics
Our custom models can segment prospects, policyholders and agent populations in order to make the most accurate pricing, service and assignment decisions.
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