KEEP UP TO DATE WITH ALL THE IMPORTANT COVID-19 INFORMATIONCOVID-19 RESOURCE PORTAL
FANews
FANews
RELATED CATEGORIES
Category Technology
SUB CATEGORIES General |  Systems |  Magazine |  DigiMags - Systems | 

Lion of Africa chooses FICO Blaze Advisor to give them the competitive edge

01 August 2012 FICO

Lion of Africa replaces several rating engines with FICO Blaze Advisor, thereby allowing greater speed in executing competitive strategies while ensuring consistency in underwriting decisions.

Lion of Africa is one of South Africa’s leading short-term insurers, and operates in the commercial and personal lines market segments with a range of specialist insurance products. In addition to covering many of the Top 100 JSE listed companies, the firm is also the largest insurer to the local authorities sector. Based in Johannesburg, Lion of Africa is also represented in the major metropoles and is still the only short term insurer to achieve a BBBEE level one rating.

“At Lion of Africa Insurance, we pride ourselves on providing simple and effective business solutions for each individual,” said Jonathan Holden. ”Using FICO Blaze Advisor, we can simulate the impacts of new underwriting guidelines on our book of business, and provide complete transparency to internal auditors and insurance regulators with ease.”

“We chose Blaze Advisor because it streamlines deployment of predictive models, adding another dimension of decision insight to Lion of Africa’s capabilities. With rules, predictive analytics, and the addition of third party data, Lion of Africa has significantly improved upon existing fraud detection, prevention and conversion capabilities.”

“FICO Blaze Advisor will help Lion of Africa advance its vision for a thoroughly connected and customer-centric insurance operation,” said Robin Findlay, who directs FICO’s operations in Africa and the Middle East. “While initially they will use FICO Blaze Advisor for personal lines underwriting, it is powerful enough to be extended in the future across several areas of their business.”

“By choosing advanced decision management in their underwriting, Lion of Africa have secured their position among the first rank of technology-driven insurers in this region,” said Gray Stopforth, Head of Sales at PIC Solutions. “FICO and PIC are working together to introduce the newest technologies and best practices from around the world to South African insurers. PIC Solutions were responsible for brokering this sale, and will support Lion of Africa’s use of FICO Blaze Advisor,” he adds.

FICO® Blaze Advisor® is the world's leading business rules system for managing complex decisions and provides a variety of industries with a scalable solution that delivers unprecedented agility, consistency and business control. FICO Blaze Advisor is widely used in the insurance industry worldwide, and is also the rules engine within FICO’s industry-leading applications for decision management.

PIC initially engaged with Lion of Africa in terms of enhancing their existing counter-fraud capabilities within both Claims and Underwriting, and currently is in the process of further developing an infrastructure and framework which demonstrates Lion of Africa’s proactive stance in the fight against fraud.

Quick Polls

QUESTION

The second draft amendments to Regulation 28 will allow retirement funds to allocate up to 45% of their assets to SA infrastructure, with a further 10% for rest of Africa; but the equity & offshore caps remain unchanged. What are your thoughts on the proposal?

ANSWER

Infrastructure? You mean cash returns with higher risk!?!
Infrastructure cap is way too high
Offshore limit still needs to be raised
Who cares… Reg 28 does not apply to discretionary savings
fanews magazine
FAnews November 2021 Get the latest issue of FAnews

This month's headlines

New proposals to amend PPRs have major impact
The untold truth about intermediary agreements
Rethinking claims
Tik-Tok: The clock is ticking on SA’s R45 billion unclaimed benefits bomb
Medical schemes’ average increases for 2022
Disability claims aggregation
Subscribe now