FICO, a provider of analytics and decision management technology, announces the availability of a new solution aimed at helping insurers curb insurance claims fraud. The FICO Claims Fraud Solution uses three integrated technologies to identify fraudulent insurance claims faster, in order to help insurers cut general insurance fraud losses that last year reached an estimated $52 billion worldwide, according to research and advisory firm Celent.
Challenging economic conditions have pushed many kinds of insurance fraud, such as auto claims fraud, to new highs in markets worldwide. In theU.S., insurance fraud accounts for an estimated 10 to 20 percent of insurance premiums; that number climbs as high as 25 to 30 percent in other markets, such asBrazil.
A single scheme uncovered by the FBI in February 2012 racked up an estimated $279 million in losses.
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