Guidewire and FICO to help Property/Casualty insurers solve fraud
mitigation challenges
SAN JOSE, Calif. & FOSTER CITY, Calif.--(BUSINESS WIRE)--Apr. 27, 2016--
Guidewire Software, Inc. (NYSE: GWRE), a provider of software products
to Property/Casualty (P/C) insurers, today announced a strategic
relationship with FICO, a leading analytics company. Guidewire and FICO
will work together to help insurers identify and prevent personal auto
claims fraud in the U.S. and Canada.
Fraud is a significant challenge for P/C insurers, costing the industry
an estimated $32 billion a year.* FICO’s models for detecting fraud
throughout the claim lifecycle will be a key component of the
Guidewire’s planned initiatives to help its insurer customers fight
claims fraud. This integrated analytics solution will enable insurers to
more rapidly achieve their Claims Department and Special Investigative
Unit (SIU) business objectives. By combining their deep industry
expertise, Guidewire and FICO will work to help insurers identify
suspicious activity earlier in the claims process.
“To fight fraud effectively, it takes a fast, flexible approach, and the
right combination of fraud management tools, services, and analytics,”
said Russ Schreiber, vice president of fraud solutions at FICO. “We look
forward to offering our proven fraud detection analytics as part of
Guidewire’s world-class claims processing platform, making it easy for
insurers to find and stop auto claim fraud in real time. Insurers using
this solution will be better able to find fraudulent claims before
payment, and avoid the ‘pay-and-chase’ problem.”
“At Guidewire, we are committed to bringing the best software and
analytics to help our customers improve their processes and make smarter
decisions. Partnering with FICO to bring their well-respected expertise
to our customers is an important step in fulfilling that promise,” said
Eugene Lee, vice president and business owner, Data and Analytics,
Guidewire Software. “We are excited to work with the FICO team to work
towards providing the industry with an end-to-end solution to combat
claims fraud.”
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses
around the world prosper. Founded in 1956 and based in Silicon Valley,
the company is a pioneer in the use of predictive analytics and data
science to improve operational decisions. FICO holds more than 165 US
and foreign patents on technologies that increase profitability,
customer satisfaction and growth for businesses in financial services,
telecommunications, health care, retail and many other industries. Using
FICO solutions, businesses in more than 100 countries do everything from
protecting 2.6 billion payment cards from fraud, to helping people get
credit, to ensuring that millions of airplanes and rental cars are in
the right place at the right time. Learn more at http://www.fico.com
Join the conversation at https://twitter.com/fico
& http://www.fico.com/en/blogs/
FICO is a registered trademark of Fair Isaac Corporation in the US and
other countries.
About Guidewire Software
Guidewire delivers the software that Property/Casualty (P/C) insurers
need to adapt and succeed in a time of rapid industry change. We combine
three elements – core processing, data and analytics, and digital
engagement – into a technology platform that enhances insurers’ ability
to engage and empower their customers and employees. More than 200 P/C
insurers around the world have selected Guidewire. For more information,
please visit www.guidewire.com.
Follow us on twitter: @Guidewire_PandC.
*Insurance Information Institute, Insurance Fraud, January 2016
NOTE: Guidewire, Guidewire Software, Guidewire ClaimCenter, Guidewire
PolicyCenter, Guidewire BillingCenter, are registered trademarks of
Guidewire Software, Inc. in the United States and/or other countries.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160427005495/en/
Source: Guidewire Software, Inc.
Guidewire Software, Inc.
Diana Stott, +1 650-356-4941
dstott@guidewire.com
or
IQ360
for FICO
Elizabeth Hershman, +1 212-289-6734
ehershman@iq360inc.com
