Decision Management for Insurance Underwriting
We recently posted a press release describing how Lion of Africa is using FICO Blaze Advisor for their underwriting needs. Lion of Africa is one of the leading insurance companies in South Africa and is working to empower and transform South Africa’s financial services sector. This is a great example of how we’re seeing more of our customers use rules and analytics together. Here are some key take-aways from this interesting use case:
Industry: Insurance (commercial and personal lines segments)
Company: Lion of Africa
Business Challenge: Reduce costs and put more competitive offers into the market faster using a single rating engine.
How Blaze Advisor Helped:
- Business User Control: Blaze Advisor provides the ability to create, modify, test and monitor underwriting decisions across Lion of Africa’s business, eliminating the cost and effort of supporting several different rating engines. This gives the entire underwriting team the flexibility and control to meet each customer’s needs swiftly.
- Regulatory Transparency: Blaze Advisor simulates the impacts of new underwriting guidelines on Lion of Africa’s book of business and provides complete transparency to internal auditors and insurance regulators.
- Deployment Streamlining: Blaze Advisor streamlines deployment of predictive models, adding another dimension of decision insight to Lion of Africa’s capabilities.
Results: With rules, predictive analytics and the addition of third-party data, Lion of Africa will significantly improve their existing fraud detection, prevention and conversion capabilities. Initially, Blaze Advisor will be used for personal lines underwriting, but going forward, it will help Lion of Africa advance its vision for a connected and customer-centric insurance operation.