Partnership combines leading-edge rules engine with IT and market knowledge
FICO (NYSE:FICO), announced a partnership agreement with Chilean company Adacom, aimed at delivering advanced decision management solutions to insurance companies in Latin America. Starting immediately, Adacom will work with FICO to implement FICO™ Blaze Advisor™ business rules management system for insurance companies in Chile and Peru, with a planned expansion of this partnership to the rest of Latin America.
The alliance will focus on underwriting and claims processing for the auto, housing, life and health segments of the insurance market. Adacom, established in 1998, offers a specialized service for the development of IT system services and projects. The company employs more than 80 professionals and has completed a large number of projects involving web platforms that support banking and insurance.
FICO™ Blaze Advisor™ is widely used in insurance in areas such as underwriting and fraud prevention. It can also help insurers dramatically reduce the time needed to deploy analytic models, such as underwriting risk models, into production. Insurers have realized significant improvements with FICO Blaze Advisor, including: lowered combined ratio by 8 points; increased pricing tier from 6 to 24; increased automated application processing and binding to 99%; and reduced time to change underwriting and renewal rules from 6 months to just 1 month.
Source: FICO Press Release