22.02.2006 14:00:00
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Leading Danish Insurer Improves Claim Handling & Customer Service with SPSS Predictive Analytics
ALKA is one of the five leading insurance companies in Denmark. Todifferentiate itself in a highly competitive market, the company aimedto optimize its expensive claim handling processes and offer betterservice to customers. ALKA sought to enable "fast-track claimhandling" while still sifting out the fraudulent cases from its highclaim volumes. Industry experts estimate that on average 10 percent ofall claims are fraudulent, whereas usually only 0.5 percent to 1percent of fraud is actually being detected.
SPSS' software now enables ALKA to automatically determine duringthe claim notification process whether an incoming claim qualifies forimmediate approval or needs to be further examined by experts. Hence,the company is now able to settle 8 out of 10 claims immediatelywithin 24 hours after the notification, reducing claim cycle times andproviding optimal customer service.
"We want to ensure that our honest and loyal customers arepresented with good prices. To accomplish this, we must reduce fraudand SPSS helps us realize this," said Jakob Laursen, vice president ofbusiness intelligence at ALKA. "We also selected this solution becauseSPSS has extensive experience in this domain from working with severalother insurance companies. We're already reaping the benefits ofimplementing the solution in our claims environment."
SPSS' PredictiveClaims works in real time, meaning that when aclaim is reported in the call center, the system automaticallyprovides an assessment of the likelihood of fraud. The call centeragent can then use this information to accept a legitimate claimquickly or forward a suspicious claim internally for furtherinvestigation.
About ALKA Insurance
ALKA Insurance, founded in 1903, is one of the top five insurancecompanies in Denmark with approximately 400 employees located at itshead office and call centers. ALKA is the trade union movements'insurance company and is owned by Danish employees' interest groups.The company offers several insurance products to the members of thenine trade associations in Denmark. ALKA is almost a 100 percent callcenter-based insurance company, with 8 out of 10 claims processed overthe phone. More information: www.alka.dk.
About SPSS Inc.
SPSS Inc. (NASDAQ:SPSS) is a leading worldwide provider ofpredictive analytics software and solutions. The company's predictiveanalytics technology connects data to effective strategic action bydrawing reliable conclusions about current conditions and criticalfuture events. More than 250,000 commercial, academic, and publicsector customers rely on SPSS technology to help increase revenue,reduce costs, improve important processes, and detect and preventfraud. More than 95 percent of the Fortune 1000 companies are SPSScustomers. Founded in 1968, SPSS is headquartered in Chicago,Illinois. For additional information, please visit www.spss.com.
Safe Harbor Statement
This press release contains forward-looking information madepursuant to the safe harbor provisions of the Private SecuritiesLitigation Reform Act of 1995. Forward looking statements can beidentified by phrases such as "anticipates," "believes," "estimates,""expects," "plans," "intends," "could," "designed," "should be" andother similar expressions which denote expectations of future eventsrather than statements of fact. These forward-looking statementsinvolve factors that are subject to risks and uncertainties. Theserisks and uncertainties, which may not be currently ascertainable andmany of which are beyond the Company's control, may cause theCompany's actual results, performance or achievements to be materiallydifferent than the results, performance or achievements expressed inor implied by the forward-looking statements. These risks anduncertainties are described in the Company's filings with theSecurities and Exchange Commission ("SEC"). Copies of these filingsare available either on the SEC's website at www.sec.gov or from theCompany's investor relations department. In light of these risks anduncertainties, the inclusion of forward-looking statements in thispress release should not be regarded as a representation by theCompany that any future results, performance or achievements will beattained. These forward-looking statements speak only as of the dateon which they are made. The Company assumes no obligation to updatethe forward-looking statements contained in this press release.
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