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 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.
Jack Noonan, SPSS president and CEO, said, “Globally, insurance companies increasingly understand the need to improve the focus on customer service. Predictive analytics technology from SPSS provides insurance organizations a cutting-edge solution to identify priority customers and claims, as well as potential fraud.”
Eight of the top 10 global life insurance organizations use predictive analytics from SPSS to improve customer satisfaction and loyalty, spot suspicious claims that require more experienced adjusters, and improve acquisition, retention, up-sell and cross-sell efforts by targeting low-risk prospects and satisfied policyholders.
About Infinity Property and Casualty Corporation
Infinity Property and Casualty Corporation is a national provider of personal automobile insurance with a concentration on non-standard auto insurance. Its products are offered through a network of approximately 14,000 independent agencies. For more information about Infinity, please visit http://www.ipacc.com.
About SPSS Inc.
SPSS Inc. (Nasdaq: SPSS) is a leading global provider of predictive analytics software and solutions. The company’s predictive analytics technology improves business processes by giving organizations forward visibility for decisions made every day. By incorporating predictive analytics into their daily operations, organizations become Predictive Enterprises–able to direct and automate decisions to meet business goals and achieve a measurable competitive advantage. More than 250,000 public sector, academic, and commercial customers rely on SPSS technology to help increase revenue, reduce costs, and detect and prevent fraud. Founded in 1968, SPSS is headquartered in Chicago, Illinois. For additional information, please visit www.spss.com.
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