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Tap the power of predictive analytics to stop the guesswork and fight fraud
About FICO
12
fraud. While many insurers have yet to leverage Big Data, forward-looking
insurers stand to reap enormous benefits by embracing it.
Source: FICO
see the bigger picture. This is where link analysis comes in. Its
Bust out fraud: New Strategies for Fraud Prevention is published by FICO. Editorial content supplied by FICO is independent of Gartner analysis. All Gartner research is used with Gartners
permission, and was originally published as part of Gartners syndicated research service available to all entitled Gartner clients. 2013 Gartner, Inc. and/or its affiliates. All rights reserved.
The use of Gartner research in this publication does not indicate Gartners endorsement of FICOs products and/or strategies. Reproduction or distribution of this publication in any form
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Introduction
Key Challenges
The Nexus of Forces defined as the combined impact of
social, cloud computing, enhanced information and mobility
is showing dramatic potential to change the insurance
industry. Unfortunately, only a few innovators have grasped
the potential of these forces and have altered their business
model and embraced these technologies for competitive
advantage.
While many insurers are investing heavily in data
warehousing, business intelligence (BI) and analytics, most
companies are focused on data insight, including reporting.
Most insurers fail to understand the prerequisites for realtime action, such as accessible business logic in core systems,
the need for business process management (BPM) systems
that expose business rules, and real-time notifications to staff
to expose risks or be leveraged in decisioning (for example,
underwriting or claims investigation).
Recommendations
Analysis
There are four best practices that life and P&C insurers need
to evaluate when positioning information as an enabler of
innovation. Companies should look at these options as they
build their information management strategies and evaluate the
examples provided.
Source: FICO
repository.
media.
Source: FICO
fraud ring.
Source: FICO
business area.
attributes.
Source: FICO
new suspects.
Contact us at info@fico.com.
About FICO
FICO (NYSE:FICO) delivers superior predictive analytics
solutions that drive smarter decisions. The companys
groundbreaking use of mathematics to predict consumer behavior
has transformed entire industries and revolutionized the way
risk is managed and products are marketed. FICOs innovative
solutions include the FICO Score the standard measure of
consumer credit risk in the United States along with industryleading solutions for managing credit accounts, identifying
and minimizing the impact of fraud, and customizing consumer
offers with pinpoint accuracy. Most of the worlds top banks, as
well as leading insurers, retailers, pharmaceutical companies
and government agencies rely on FICO solutions to accelerate
growth, control risk, boost profits and meet regulatory and
competitive demands.
Big Data analytics will revolutionize how products are developed
and distributed to how organizations communicate with
customers. Advances in technology have created challenges, but
also opportunities to increase sales and profit. FICO is helping
the worlds largest marketing organizations succeed by finding
actionable customer insights within massive amounts of data and
making high-volume decisions more accurate, predictable and