Guidewire Software has partnered with analytics firm FICO to combat insurance claims fraud in the US and Canada.
The companies will support insurers in identifying and avoiding personal auto claims fraud in both the countries.
According to Guidewire Software, fraud is a significant challenge for P/C insurers, costing the industry an expected $32bn per year.
FICO’s models for detecting fraud across the claim lifecycle will be a crucial component of the Guidewire’s planned initiatives to enable its insurer customers fight claims fraud.
The integrated analytics solution will allow insurers to quickly attain their claims department and special investigative unit (SIU) business objectives.
By aggregating their industry expertise, the companies help insurers to identify suspicious activity earlier in the claims process.
FICO fraud solutions vice president Russ Schreiber said: "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."
Guidewire Software data and analytics business owner and vice president Eugene Lee said: "At Guidewire, we are committed to bringing the best software and analytics to help our customers improve their processes and make smarter decisions."
Image: Guidewire Software and FICO partner to fight insurance claims fraud. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.