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Guidewire, FICO Work to Solve Fraud Mitigation Challenges

Staff Writer | April 28, 2016

Guidewire Software announces a strategic relationship with FICO, a leading analytics company, hat will see the two companies 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 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,” says Russ Schreiber, vice president of fraud solutions at FICO. “We look forward to offering our fraud detection analytics as part of Guidewire’s 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.” 

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