Insuring an insurer

Australian-based business solutions developer, Independent Systems Integrators (ISI), has been selected as the preferred systems integrator to help Fair Isaac (FIC) bring its Blaze Advisor rules-based software into the local insurance market.

FIC is a NASDAQ-listed business services organisation and worth around a billion dollars.

Michael J. Gordon, vice president, insurance, for Fair Isaac said ISI and FIC will also roll out joint marketing initiatives for the product.

“Australian insurers can achieve improvements similar to those experienced by US insurance underwriters which were reporting 25 to 50 percent rises in underwriting profitability and other efficiencies, with the adoption of technologies such as Blaze Advisor,” he said.

The Australian market has ample scope for bottom line improvement and rules-based technology can allow local underwriters to target insurance risk and segment their customers, he said.

“The local insurance industry is stepping up its investment in and adoption of IT optimisation and analytical systems on a par with Europe and possibly a little ahead,” he said.

Although Australia remains about 18 months behind the USA, the local insurance industry’s acceptance of the value of adopting rules-based analytical solutions is growing, said Gordon.