Highmark cuts fraud with new technology
Posted on February 13th, 2010
Leading provider of analytics and decision management technology FICO has announced that its client Highmark, Inc. has been included in the Celent Model Insurer 2010 Report, which recognises exemplary, results-producing technology initiatives in the insurance industry.
Highmark utilised the FICO™ Insurance Fraud Manager to automatically detect fraud, abuse and errors in its group health insurance practice, enabling it to detect 20% more fraud than had previously been the case.
This higher detection rate helped save Highmark substantial sums of money.
Highmark’s Thomas Brennan explained that the automatic system added another layer of protection, spotting some fraud cases that were hard to detect even with the human eye.
Celent’s insurance practice VP Craig Weber has stated that efficiency is highly important for the sector, particularly with margins smaller than ever, adding that Highmark’s use of technology had allowed it to significantly cut fraud and save money.
Fraud is a rising problem for the insurance industry, and earlier this month CIFAS stated that its analysis of 2009 trends indicated a surge in fraudulent claims of 55%.
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Tags: Technology
Filed under Car Insurance News |