ChoicePoint® Introduces FraudFocus INTERCEPT®
ALPHARETTA, Ga. - September 4, 2007 - ChoicePoint through its Claims Solutions group, has introduced FraudFocus INTERCEPT, a rapidly deployable version of its successful FraudFocus™ predictive modeling solution based on standard industry claims submissions.
The FraudFocus INTERCEPT solution provides a new level of consistency and efficiency for insurers seeking to detect likely fraud while realizing the benefits of advanced analytics and predictive models. The solution gives insurers those capabilities without the larger investment in capital and resources required for custom analytic solutions.
FraudFocus INTERCEPT leverages existing claims data submissions using industry standard data formats and reduces the amount of IT resources and investment required for implementation. Similar to the predictive fraud scoring available through the custom version of FraudFocus, the INTERCEPT solution was developed using the same sophisticated data and pattern recognition technology making it one of the industry's leading cost-effective multidimensional proactive fraud identification solutions.
"The rapid and substantial return on investment realized through FraudFocus INTERCEPT provides a cost-effective alternative to custom analytic solutions for many insurers," said Peter Lynch, ChoicePoint's senior vice president of claims solutions. "The fast and efficient implementation allows customers to be up and running in a production environment utilizing the powerful decision-making support capabilities needed to quickly identify quality referrals with low false positive ratios that result in increased mitigation rates and substantially reduced loss ratios."
Additionally, Lynch said, FraudFocus INTERCEPT provides the consistent enforcement capabilities many carriers require to implement straight-through processing practices which, in turn, helps reduce operating costs through the resulting efficiency gains while improving customer service through the quick settlement of meritorious claims.
"Our experience has shown that more and more carriers are viewing analytics as a true competitive differentiator. FraudFocus INTERCEPT provides a sophisticated analytics solution with limited internal resource required for implementation," Lynch said. “I am pleased that we continue to introduce viable and cost-effective solutions that help our customers significantly reduce claims losses while improving overall operating efficiency and reducing ongoing loss adjustment expense."
ChoicePoint Claims Solutions is a premier provider of predictive analytics, workflow management and information services, all designed to improve claims outcomes. For more information, visit www.choicepoint.com.
About ChoicePoint
ChoicePoint provides businesses, government agencies and non-profit organizations with technology, software, information and marketing services to help manage economic and physical risks as well as identify business opportunities. Each year, we help more than 100 million people who are seeking to obtain jobs, fairly priced home and auto insurance, and who wish to rent apartments. Our authentication and anti-fraud tools improve efficiency and instill confidence in the decision-making process for our customers and consumers.
Consumers have free access to the reports we create at www.choicetrust.com. Learn what we do to protect consumer privacy by visiting www.PrivacyatChoicePoint.com and, for more information on our company, go to www.choicepoint.com.
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