Fair Isaac Corporation (NYSE: FIC), the leading provider of analytics and decision technology, announced that the UK Government has taken a step closer to delivering its Welfare Reform Agenda by announcing the award of a major Debt Management IT contract to Fair Isaac.
The Debt Management Programme was formed in 2001 as part of the Department for Work and Pensions (DWP) with the remit to develop a modern, flexible and professionally operated debt management and recovery organisation. Recovering more than £450 million per year, the Programme aims to modernise the delivery of its services to improve access, in a cost effective manner, whilst ensuring a high degree of accuracy for its customers.
In defining the IT necessary to deliver the Programme objectives, the DWP had to ensure its Debt Management solution was able to:
- Handle the current capacity
- Provide the scaleability to increase the amount and different types of benefit cases managed
- Provide real time access to a central, consolidated repository of customer debt data
- Enable efficient, timely and effective communication between debtors and Debt Management
- Ensure the required business processes and policies deliver end to end effective internal control and risk management whilst continually improving recovery performance
- Provide the flexibility to quickly change processes in reaction to changes in Social Security legislation or continuous improvement activities
After evaluating a range of possible options, the DWP chose Fair Isaac?s Debt Manager™ solution to provide the core Debt Management process functionality. According to Geoff Clark, DWP Programme Manager, ?Fair Isaac offered the most effective and proven solution on the market. Debt Manager will provide the ability to reduce the amount of administration and transfer greater resource to debt recovery and customer service. Importantly, it will reduce clerical errors, guaranteeing that the right actions are taken at the right time and on the right cases. While it is vital that the DWP acts with a social conscience and a human touch, particularly in cases of hardship, this must be balanced with the efficiency benefits of streamlined and automated processes.?
Bruce Leith, Vice President at Fair Isaac explained that ?this is a major project of great significance for the Company. It is the result of 18 months effort expended by both parties to ensure that Debt Manager was suited to the unique characteristics of the Department. Initially, the Debt Manager software will be deployed in two debt centres before rolling out to over 2200 users at 10 debt centres across the country. We believe that this will create the largest collections and recovery operation in Europe.?
Fair Isaac
Fair Isaac Corporation is the preeminent provider of creative analytics that unlock value for people, businesses and industries. The company?s predictive modeling, decision analysis, intelligence management, decision management systems and consulting services power billions of mission-critical customer decisions a year. Founded in 1956, Fair Isaac helps thousands of companies in over 60 countries acquire customers more efficiently, increase customer value, reduce fraud and credit losses, lower operating expenses and enter new markets more profitably. Most leading banks and credit card issuers rely on Fair Isaac solutions, as do insurers, retailers, telecommunications providers, healthcare organizations and government agencies. For more information, visit www.fairisaac.com.
Fair Isaac Statement Concerning Forward-Looking Information – Except for historical information contained herein, the statements contained in this press release that relate to Fair Isaac, including statements regarding its Debt Manager software offering and the benefits to be derived from this offering, are forward-looking statements within the meaning of the ?safe harbor? provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including any unforeseen technical difficulties related to the implementation, use and functionality of the offering, the risks that customers will not perceive material benefits from the offering, failure of the product to deliver the expected results, the possibility of errors or defects in the offering, the company?s ability to recruit and retain key technical and managerial personnel, the maintenance of its existing relationships with key alliance partners, regulatory changes applicable to the use of consumer credit and other data, and other risks described from time to time in Fair Isaac?s SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2003 and on Form 10-Q for the quarter ended June 30, 2004. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, Fair Isaac?s results could differ materially from Fair Isaac?s expectations in these statements. Fair Isaac disclaims any intent or obligation to update these forward-looking statements.
