MINNEAPOLIS – Fair Isaac Corporation, the leading provider of analytics and decision technology, today announced that a new insurance industry study underscores the company’s leadership in providing technology that drives precise, consistent business decisions and improves business agility across increasingly competitive insurance market segments.
In its recently published “Insurance Software Deal Trends 2003-2004″ report, independent research and advisory firm Celent, LLC identified Fair Isaac as a leading technology provider in multiple categories, based on its deal volume.
The study highlights Fair Isaac as a leading vendor within five key categories. In the property/casualty report, Fair Isaac was a leading vendor in the Focused Claims category. In the life/health report, Fair Isaac was a leading vendor in the Underwriting Systems, BPM and BRE, Infrastructure, and Focused Claims categories.
“We are seeing a surge of interest in a new class of decision management applications that help insurers immediately execute underwriting decisions and push these decisions to the point of sale,” said Todd Davis, vice president of Enterprise Decision Management Software at Fair Isaac. “Key solutions such as the Fair Isaac Blaze Advisor™ system are well-established as the solution of choice for insurers’ most critical business applications and decision systems. Celent’s findings are consistent with a growing industry demand for our unique capabilities in analytic modeling, scoring and actionable rules.”
Insurers have selected Blaze Advisor business rules management to support applications as varied as underwriting, claims management, product recommendation, forms selection, source of funds validation, product suitability, and online policy application/quoting. More than 50 insurers in the life, property/casualty, workers’ compensation, health, and automotive insurance segments are leveraging Blaze Advisor capabilities to allow the design, deployment, execution, and maintenance of business rules as part of an automated business application.
Celent’s independent, industry-leading reports are based on a sample of more than 970 software deals in insurance signed in 2003 and 2004 by over 100 vendors. Details about the majority of the deals analyzed — including the carrier type, carrier size and business processes supported — were provided by more than 65 software vendors. Additional deals were captured by reviewing public data sources. The report analyzes deals across four metacategories, and 18 subcategories. More information about the reports is available online at www.celent.com.
“The potential benefits of a business rules engine for insurers are substantial,” said Donald Light, senior analyst in Celent’s insurance group. “In general, insurers should deploy a business rules engine to make decisions that are complex and can have a significant financial impact, such as in situations where rules may have to change frequently or where there is a high compliance risk. Rules engines create consistency and provide a way to quickly change how decisions are made — in response to shifting internal priorities or external competitive pressure.”
Fair Isaac continues to deliver innovation in insurance-specific applications through software solutions such as XML Manager for Insurance, a two-time past ACORD award-winning solution, and the recently released Blaze Advisor SmartForms™. In addition to insurance, Fair Isaac Blaze Advisor has hundreds of worldwide customers across multiple industries, including financial services, healthcare, government, and telecommunications.
Fair Isaac Blaze Advisor has delivered many industry innovations, from rule flows, decision trees, scorecards, and versioning to Web-based rule maintenance for business managers. It is part of Fair Isaac’s software and solutions for enterprise decision management (EDM), which combines data analytics, modeling and policy-level control to allow companies to define and manage their automated business systems for improved efficiency and greater profitability.
For more details on the Celent report, “Insurance Software Deal Trends 2003-2004,” and complimentary excerpts, visit www.fairisaac.com/rules.
