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Infinity Insurance to Fast Track Customer Claims with SPSS Predictive AnalyticsCHICAGO --(Business Wire)-- Infinity Property and Casualty Corporation (Nasdaq: IPCC), a nationwide automobile insurance provider based in Birmingham, Ala., has selected market-leading predictive analytics software to improve claim cycle time and enhance customer service. PredictiveClaims(TM) software from SPSS Inc. (Nasdaq: SPSS) will provide the organization a real-time claims scoring solution to determine whether claims are legitimate and qualify for immediate approval or are potentially fraudulent and should be further investigated -- ultimately improving productivity and accuracy of the entire claims-handling process. Once customer claims are scored and streamlined, Infinity Insurance will also use predictive analytics technology to identify the most appropriate claims adjuster for the case. Additionally, the scoring application will include fraud detection for all claim-related vendors, such as auto repair shops, attorneys, medical practitioners and other organizations. "We recognize SPSS as a top business solution custom developed to meet our innovative approach to claims handling," said Bill Dibble, senior vice president of claims at Infinity Insurance. "The relationship we have with our customers is put to the test when they file a claim, as they want a resolution so their lives can return to normal as quickly as possible. With SPSS, we can fast track valid claims or flag possible counterfeit claims for further review, saving our customers time and money." The Insurance Information Institute estimates that fraud accounts for 10 percent of the property/casualty insurance industry's incurred losses and loss adjustment expenses. According to the Institute, this brought the fraud tab to about $30 billion a year in both 2004 and 2005. Jack Noonan, SPSS president and CEO, said, "Globally, insurance companies increasingly understand the need to improve the focus on customer service. Predictive analytics technology from SPSS provides insurance organizations a cutting-edge solution to identify priority customers and claims, as well as potential fraud." Eight of the top 10 global life insurance organizations use predictive analytics from SPSS to improve customer satisfaction and loyalty, spot suspicious claims that require more experienced adjusters, and improve acquisition, retention, up-sell and cross-sell efforts by targeting low-risk prospects and satisfied policyholders. About Infinity Property and Casualty Corporation Infinity Property and Casualty Corporation is a national provider of personal automobile insurance with a concentration on non-standard auto insurance. Its products are offered through a network of approximately 14,000 independent agencies. For more information about Infinity, please visit http://www.ipacc.com. About SPSS Inc. SPSS Inc. (Nasdaq: SPSS) is a leading global provider of predictive analytics software and solutions. The company's predictive analytics technology improves business processes by giving organizations forward visibility for decisions made every day. By incorporating predictive analytics into their daily operations, organizations become Predictive Enterprises--able to direct and automate decisions to meet business goals and achieve a measurable competitive advantage. More than 250,000 public sector, academic, and commercial customers rely on SPSS technology to help increase revenue, reduce costs, and detect and prevent fraud. Founded in 1968, SPSS is headquartered in Chicago, Illinois. For additional information, please visit www.spss.com. Safe Harbor Statement In addition to historical information, this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including without limitation, statements regarding the Company's expectations, beliefs, intentions or future strategies that are signified by the words "expects," "anticipates," "intends," "believes," "estimates" or similar language. All forward-looking statements included in this document are based on information available to the Company on the date hereof. The Company cautions investors that its business and financial performance and the matters described in these forward-looking statements are subject to substantial risks and uncertainties. Because of these risks and uncertainties, some of which may not be currently ascertainable and many of which are beyond the Company's control, actual results could differ materially from those expressed in or implied by the forward-looking statements. The potential risks and uncertainties that could cause results to differ materially include, but are not limited to: the Company's ability to predict revenue, the Company's ability to respond to rapid technological changes, a potential loss of relationships with third parties from whom the Company licenses certain software, fluctuations in currency exchange rates, the impact of new accounting pronouncements, increased competition and risks associated with product performance and market acceptance of new products. A detailed discussion of other risk factors that affect the Company's business is contained in the Company's Annual Reports on Form 10-K, particularly under the heading "Risk Factors." The Company does not intend to update these forward-looking statements to reflect actual future events. |
