FICO Labs team members receive patents for innovations in healthcare insurance fraud detection, decision management and credit scoring

FICO (NYSE: FICO) announced that it has been awarded seven patents by the U.S. Patent and Trademark Office, bringing its patent portfolio to 128 U.S. and foreign patents.  These patents were awarded to FICO Labs team members for inventions underlying FICO’s industry-leading predictive analytics for healthcare insurance fraud detection, decision management and credit scoring.

Two of the patents relate to FICO® Insurance Fraud Manager, which detects fraud, waste and abuse in healthcare claims before payment, and identifies suspicious providers as soon as aberrant behavior patterns emerge.  These patents cover a method for performing a data-driven grouping of medical procedure codes, which can be used to catch systematic fraud, and techniques for detecting potential fraudulent healthcare insurance claims.

Four of the seven patents were for inventions used in FICO’s decision management tools, sophisticated software for business rules management, model development and decision optimization. These patents included innovations in the construction, review, and comparison of decision logic with graphs and related user interfaces, and rules-based mechanisms to facilitate or implement an application or business process used within FICO® Blaze Advisor® business rules management system.

Additionally, FICO was awarded a patent for an invention related to the FICO® Score, the standard measure of consumer credit risk in the United States. The invention helps determine the conditions in credit scoring in which additional information is needed.

“The next five years will be the growth years for Big Data analytics,” said Dr. Andrew Jennings, chief analytics officer at FICO and head of FICO Labs.

Source: FICO Press Release