Insurance fraud on the rise in US and Canada

Disability Insurance Fraud

Survey shows companies are concerned with growing prevalence of insurance fraud The results of a new survey have been released by FICO, an analytics firm, concerning the prevalence of insurance fraud in the U.S. and Canada. The survey suggests that insurance companies are expecting to see higher losses from fraud on personal insurance lines. Insurance fraud appears to be growing more common in both countries despite aggressive regulations being adopted that are meant to mitigate the impact of such practices. Insurers expect to see higher losses from fraud this year…

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New FICO Model Central Solution for Insurance slashes time for deployment in half

Auto Insurance Technology

Top analytics and decision management technology provider, FICO, has released a new solution that is designed to help insurance industry predictive models to result in improved return on investment (ROI). The FICO Model Central Solution for Insurance gives insurers the ability to decrease the amount of time needed for the deployment of their models. In fact, it can cut back this time by as much as half, while it still offering the initial indications that the performance of a particular model may be hurting profitability. Insurance companies have been using…

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How your lifestyle and neighborhood affects your insurance rates

Insurance companies use different software programs and databases to figure out how risky it will be to insure you.  If you are considered to be too high of a risk, you may have to pay more. In some cases, your application may even be denied. Insurers use an insurance score that FICO determines from your consumer report history.  This score is partially gathered using the data from the major credit reporting companies. Your insurance score is similar to your credit score, but you can’t obtain your insurance score like you…

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