The bottom line is that an integrated view of risk management enables better management of specific risks
Chicago, IL (PRWEB) September 16, 2008
Millennium Information Services, Inc., a leading property inspection service provider, announced the availability of PrePredictR Score, a new product developed with Fair Isaac Corporation (NYSE: FIC) that is designed to help an insurer more effectively segment property risks at the point of application for more objective and consistent underwriting and pricing decisions.
In conjunction with other available external information, PrePredictR Score helps an insurer or its agents make sound underwriting decisions as well as offer their best pricing tiers at the point of sale while profitably growing their business. This innovative new scoring solution leverages information gathered during the application process and Fair Isaac's advanced analytics to provide early insight into the risk of loss offered by a new applicant.
Historically, developing an accurate quote for property insurance at the time of application has been less than optimal without immediate access to physical inspections to get the complete picture of risk for a property. In the absence of information on the property itself, one approach that has helped to determine the acceptability of the risk is to evaluate the applicant's history in managing their credit assets - focusing on the "who" of the risk. Now with PrePredictR Score, insurers can also key in on the "what" of the risk - the home itself - to ensure that they are making decisions based on a comprehensive view of the applicant's risk.
"The bottom line is that an integrated view of risk management enables better management of specific risks," said Steve Pietrzak, CEO and president of Millennium. "We are equally confident that PrePredictR Score will help speed this process along for underwriters today."
PrePredictR Score was born from another successful partnership with Fair Isaac, formed in 2005 to introduce Property PredictR® - a Fair Isaac insurance score that leverages Millennium's comprehensive database of property inspection data. PrePredictR Score utilizes a sub-set of Property PredictR risk variables that can be collected during the application process.
"While the physical property inspection remains a key source of risk management information gathered for P&C decision-makers, we are confident that Millennium clients will want to incorporate some of Property PredictR's powerful modeling technology at the beginning of the application/inspection process with PrePredictR Score," said Lamont Boyd, director, product management for Fair Isaac Corporation.
Millennium Information Services, Inc. is an insurance outsourcing company that provides property inspections along with an array of risk information and underwriting support services to property and casualty insurance companies and their agents. Millennium's various processes allow companies to capture otherwise unrecognized premium dollars by obtaining current and accurate data on the insured risks. By employing the latest technology in all of its activities, Millennium is able to significantly reduce its clients' expenses associated with policy information maintenance. Millennium's products also help increase internal efficiencies by reducing or eliminating paper forms and reports, thereby providing a more manageable working environment. The company works with many of the top regional and national property and casualty companies in the country. For more information, visit http://www.millinfo.com or http://www.fulllifecycleinspections.com.
About Fair Isaac:
Fair Isaac Corporation (NYSE:FIC) transforms business by making every decision count. Fair Isaac's Decision Management solutions combine trusted advice, world-class analytics and innovative applications to give organizations the power to automate, improve and connect decisions across their business. Clients in 80 countries work with Fair Isaac to increase customer loyalty and profitability, cut fraud losses, manage credit risk, meet regulatory and competitive demands, and rapidly build market share. Learn more about Fair Isaac at http://www.fairisaac.com.