Leading Danish Insurer Improves Claim Handling & Customer Service with SPSS Predictive Analytics
CHICAGO, 02/22/06 — SPSS Inc. (NASDAQ: SPSS), a leading worldwide provider of predictive analytics software, today announced that Danish insurance company ALKA is fighting customer fraud and enhancing customer services with SPSS’ PredictiveClaims™ application. ALKA recently purchased and implemented the software to improve claim handling efficiency while reducing the cost of fraudulent claims.
ALKA is one of the five leading insurance companies in Denmark. To differentiate itself in a highly competitive market, the company aimed to optimize its expensive claim handling processes and offer better service to customers. ALKA sought to enable fast-track claim handling" while still sifting out the fraudulent cases from its high claim volumes. Industry experts estimate that on average 10 percent of all claims are fraudulent, whereas usually only 0.5 percent to 1 percent of fraud is actually being detected.
SPSS’ software now enables ALKA to automatically determine during the claim notification process whether an incoming claim qualifies for immediate approval or needs to be further examined by experts. Hence, the company is now able to settle 8 out of 10 claims immediately within 24 hours after the notification, reducing claim cycle times and providing optimal customer service.
“We want to ensure that our honest and loyal customers are presented with good prices. To accomplish this, we must reduce fraud and SPSS helps us realize this,” said Jakob Laursen, vice president of business intelligence at ALKA. “We also selected this solution because SPSS has extensive experience in this domain from working with several other insurance companies. We’re already reaping the benefits of implementing the solution in our claims environment.”
SPSS’ PredictiveClaims works in real time, meaning that when a claim is reported in the call center, the system automatically provides an assessment of the likelihood of fraud. The call center agent can then use this information to accept a legitimate claim quickly or forward a suspicious claim internally for further investigation.
About ALKA Insurance
ALKA Insurance, founded in 1903, is one of the top five insurance companies in Denmark with approximately 400 employees located at its head office and call centers. ALKA is the trade union movements’ insurance company and is owned by Danish employees’ interest groups. The company offers several insurance products to the members of the nine trade associations in Denmark. ALKA is almost a 100 percent call center-based insurance company, with 8 out of 10 claims processed over the phone. More information: www.alka.dk.
About SPSS Inc.
SPSS Inc. (NASDAQ: SPSS) is a leading worldwide provider of predictive analytics software and solutions. The company’s predictive analytics technology connects data to effective strategic action by drawing reliable conclusions about current conditions and critical future events. More than 250,000 commercial, academic and public sector customers rely on SPSS technology to help increase revenue, reduce costs, improve important processes and detect and prevent fraud. More than 95 percent of the Fortune 1000 companies are SPSS customers. Founded in 1968, SPSS is headquartered in Chicago, Illinois. For additional information, please visit www.spss.com.
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