OIL & GAS

SPSS, a worldwide leader of predictive analytics software, today unveiled a new solution that will reduce insurance fraud, significantly improve the claims process and cut costs. SPSS’ PredictiveClaims, an application based on real-time predictive analytic technology, integrates with existing claims-management systems to instantly determine which claims qualify for immediate approval and which are potentially fraudulent. “Fast-track claims handling” considerably improves the efficiency of claim handling and customer service. PredictiveClaims automatically analyzes all claims entering the system -- from any channel – against risk profiles and external fraud databases. PredictiveClaims will either approve a claim for processing or flag it for investigation. The application can also generate “smart” questions that prompt a claim handler to ask customers for critical new information that can confirm the likelihood of fraud. Robert Lamers, Claims Manager Special Cases at RVS, part of ING Group, said: “Due to the high level of customer care we provide, the costs for damage compensation to the insured are very high. We needed to implement a solution to help us achieve extensive cost reductions in the claims area while continuing to offer the best possible customer service. SPSS’ PredictiveClaims solution allows us to better identify and investigate possible insurance fraud, which effectively results in a considerable contribution to RVS profits.”RVS is one of the largest insurers in the Netherlands. PredictiveClaims enables property and casualty insurers to: * Approve legitimate insurance claims quickly to satisfy valuable customers and minimize loss adjustment expenses and claim handling costs * Identify potential fraud at an early stage with a high degree of accuracy—even with large claim volumes * Understand why certain claims are flagged as suspicious, so insurance Special Investigation Units (SIUs) know where to focus their investigations * Combine and analyze data from multiple internal and external sources, including federal and insurance industry databases * Integrate with existing claims management systems without extensive customization or lengthy implementation periods * Analyze textual claim data, such as accident descriptions, for other indicators of fraudulent behavior “PredictiveClaims is a major new solution for an industry requiring one,” said SPSS Vice President of Vertical Product Marketing Marcel Holsheimer. “Up to 20 percent of insurers’ expenses may be related to handling claims. PredictiveClaims is designed to reduce claim cycle times and handling costs, and increase customer satisfaction. The software is rapidly implemented and insurance companies can reap benefits in just a few months. Typically, we see a 20-40 percent reduction in claims handling costs and twice as much fraud discovered.” Eight of the top 10 global property and casualty insurers on the 2004 FORTUNE Global 500 list are SPSS customers. PredictiveClaims is now available worldwide. For more information about PredictiveClaims and other SPSS predictive analytic applications, visit www.spss.com or contact SPSS sales at sales@spss.com or 1.800.543.2185.