Huatai Property Insurance of China has selected FICO's insurance fraud protection solution to reduce losses from auto insurance claims fraud.
FICO said that its predictive analytic models will help uncover fraud early in the process, analyze claims as they are submitted and identify potential fraud before payments are issued.
With the help of FICO’s solution, Huatai Insurance will provide flexibility in processing and faster settlement of the majority of claims which don’t require reviews.
Huatai Insurance vice president Liao Yinghui said, "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 managing director for China John Chen said that fraud is both costly and disruptive, and will likely escalate as China’s insurance industry grows.
"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," Chen said.