SPSS Inc., a leading worldwide provider of predictive analytics software, announced that Europaeiske Rejseforsikring A/S in Denmark has purchased SPSS' predictive analytics software to enable high-speed multichannel claims handling.
Europaeiske is the leading provider of travel insurance in Denmark and part of the European Travel Insurance Group (ETI) - the largest group in Europe.
Europaeiske will use SPSS' PredictiveClaims application to improve the efficiency of claims processing in the claims department and on the Internet, especially during high-season peaks. The company will deploy the SPSS solution to determine in real time which claims qualify for immediate approval - hence rapidly lowering the peaks - and which ones need to be further examined for possible fraud.
Leveraging SPSS, Europaeiske will be able to identify and settle low-risk claims immediately during claim handling. This new fast-track claims handling approach will provide the insurer with a strong competitive edge, allowing it to increase customer satisfaction and retention considerably.
In addition, automatically discovering more fraud will enable Europaeiske to remove expensive back-office claim processing steps and at the same time reduce the high costs of settling illegitimate claims.
"SPSS' solution will speed up claim handling in our claims department and on the Web site, so we can serve our customers better and faster - 24/7 and around the globe," said Per Nørgaard, chief claims officer at Europaeiske. "Furthermore, the software easily integrates in our existing claims handling environment. By detecting more fraud and reducing processing costs, we expect to achieve a positive ROI with the solution within one year."
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