KDnuggets : News : 2007 : n21 : item27 < PREVIOUS | NEXT >


Infinity Insurance to Fast Track Customer Claims with SPSS Predictive Analytics

CHICAGO, Ill. (USA), October 23, 2007 -- Infinity Property and Casualty Corporation (Nasdaq: IPCC), a nationwide automobile insurance provider based in Birmingham, Ala., has selected market-leading predictive analytics software to improve claim cycle time and enhance customer service.

PredictiveClaims(tm) software from SPSS Inc. (Nasdaq: SPSS) will provide the organization a real-time claims scoring solution to determine whether claims are legitimate and qualify for immediate approval or are potentially fraudulent and should be further investigated -- ultimately improving productivity and accuracy of the entire claims-handling process.

Once customer claims are scored and streamlined, Infinity Insurance will also use predictive analytics technology to identify the most appropriate claims adjuster for the case. Additionally, the scoring application will include fraud detection for all claim-related vendors, such as auto repair shops, attorneys, medical practitioners and other organizations.

"We recognize SPSS as a top business solution custom developed to meet our innovative approach to claims handling," said Bill Dibble, senior vice president of claims at Infinity Insurance. "The relationship we have with our customers is put to the test when they file a claim, as they want a resolution so their lives can return to normal as quickly as possible. With SPSS, we can fast track valid claims or flag possible counterfeit claims for further review, saving our customers time and money."

The Insurance Information Institute estimates that fraud accounts for 10 percent of the property/casualty insurance industry's incurred losses and loss adjustment expenses. According to the Institute, this brought the fraud tab to about $30 billion a year in both 2004 and 2005.

For more information, visit www.spss.com

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