Infinity Property and Casualty Corporation (Nasdaq: IPCC), a nationwide
automobile insurance provider based in Birmingham, Ala., has selected
market-leading predictive analytics software to improve claim cycle time
and enhance customer service.
PredictiveClaims™ software from SPSS Inc.
(Nasdaq: SPSS) will provide the organization a real-time claims scoring
solution to determine whether claims are legitimate and qualify for
immediate approval or are potentially fraudulent and should be further
investigated — ultimately improving
productivity and accuracy of the entire claims-handling process.
Once customer claims are scored and streamlined, Infinity Insurance will
also use predictive analytics technology to identify the most
appropriate claims adjuster for the case. Additionally, the scoring
application will include fraud detection for all claim-related vendors,
such as auto repair shops, attorneys, medical practitioners and other
organizations.
"We recognize SPSS as a top business solution
custom developed to meet our innovative approach to claims handling,”
said Bill Dibble, senior vice president of claims at Infinity Insurance. "The
relationship we have with our customers is put to the test when they
file a claim, as they want a resolution so their lives can return to
normal as quickly as possible. With SPSS, we can fast track valid claims
or flag possible counterfeit claims for further review, saving our
customers time and money.”
The Insurance Information Institute estimates that fraud accounts for 10
percent of the property/casualty insurance industry’s
incurred losses and loss adjustment expenses. According to the
Institute, this brought the fraud tab to about $30 billion a year in
both 2004 and 2005.
Jack Noonan, SPSS president and CEO, said, "Globally,
insurance companies increasingly understand the need to improve the
focus on customer service. Predictive analytics technology from SPSS
provides insurance organizations a cutting-edge solution to identify
priority customers and claims, as well as potential fraud.”
Eight of the top 10 global life insurance organizations use predictive
analytics from SPSS to improve customer satisfaction and loyalty, spot
suspicious claims that require more experienced adjusters, and improve
acquisition, retention, up-sell and cross-sell efforts by targeting
low-risk prospects and satisfied policyholders.
About Infinity Property and Casualty Corporation
Infinity Property and Casualty Corporation is a national provider of
personal automobile insurance with a concentration on non-standard auto
insurance. Its products are offered through a network of approximately
14,000 independent agencies. For more information about Infinity, please
visit http://www.ipacc.com.
About SPSS Inc.
SPSS Inc. (Nasdaq: SPSS) is a leading global provider of predictive
analytics software and solutions. The company’s
predictive analytics technology improves business processes by giving
organizations forward visibility for decisions made every day. By
incorporating predictive analytics into their daily operations,
organizations become Predictive Enterprises—able
to direct and automate decisions to meet business goals and achieve a
measurable competitive advantage. More than 250,000 public sector,
academic, and commercial customers rely on SPSS technology to help
increase revenue, reduce costs, and detect and prevent fraud. Founded in
1968, SPSS is headquartered in Chicago, Illinois. For additional
information, please visit www.spss.com.
Safe Harbor Statement
In addition to historical information, this press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934, including without limitation, statements regarding the Company’s
expectations, beliefs, intentions or future strategies that are
signified by the words "expects,” "anticipates,” "intends,” "believes,” "estimates”
or similar language. All forward-looking statements included in this
document are based on information available to the Company on the date
hereof. The Company cautions investors that its business and financial
performance and the matters described in these forward-looking
statements are subject to substantial risks and uncertainties. Because
of these risks and uncertainties, some of which may not be currently
ascertainable and many of which are beyond the Company’s
control, actual results could differ materially from those expressed in
or implied by the forward-looking statements. The potential risks and
uncertainties that could cause results to differ materially include, but
are not limited to: the Company’s ability to
predict revenue, the Company’s ability to
respond to rapid technological changes, a potential loss of
relationships with third parties from whom the Company licenses certain
software, fluctuations in currency exchange rates, the impact of new
accounting pronouncements, increased competition and risks associated
with product performance and market acceptance of new products. A
detailed discussion of other risk factors that affect the Company’s
business is contained in the Company’s Annual
Reports on Form 10-K, particularly under the heading "Risk
Factors.” The Company does not intend to
update these forward-looking statements to reflect actual future events.