IBM unveiled new software that places predictive analytics directly into the hands of business users for faster, more insightful decision making.

IBM is delivering two new offerings for the insurance industry, and marketing organizations within all business verticals. The first is designed to help identify fraudulent claims in the insurance industry, which accounts for approximately $30 billion in losses a year. The second manages inbound customer and prospect interaction via call center, Web, point-of-sale or e-mail.

The new software, IBM SPSS Decision Management, combines predictive models, business rules and optimization to increase an organization’s confidence to deliver accurate, high-volume, high-value decisions at the appropriate point of customer interaction.

(For more information about predictive analytics, click on the Tech Decisions article. And for more on how predictive analytics can help in fraud prevention click on this Tech Decisions article.)

With three simple clicks, business users can build a predictive model within a configurable Web browser interface, and run simulations and “what-if” scenarios that compare and test the best business outcomes before the model is ever deployed into an operational system. Business users have control over the analytic process, enabling them to make accurate decisions in real-time, based on changes in strategy, customer buying patterns and behaviors, or fluctuating market conditions.

“IBM Business Analytics software delivers complete, consistent and accurate information that decision-makers trust to improve business performance,” says Rob Ashe, general manager, business analytics at IBM. “By making predictive analytics pervasive, and giving business users control of the technology, organizations can optimize the point of interaction, better anticipate change in real-time, and carry out strategies that improve outcomes. We have empowered every single business user with the power of predictive analytics, so the best course of action can now be easily deployed into any operational system, minimizing the cost of bad decisions.”

According to the Insurance Information Institute, fraud accounts for 10 percent of the property/casualty insurance industry’s incurred losses and loss adjustment expenses, or about $30 billion a year. With the new IBM SPSS Decision Management software for claims, insurers can reduce settlement time and increase customer satisfaction through automated, real-time risk assessment. As a result, claims adjustors and others with in-depth business knowledge can quickly and easily define how risk should be assessed and automate the decisions made by the call center agent – who is directly speaking with a customer – to easily determine whether a claim is fraudulent.

IBM SPSS Decision Management 6 is now available worldwide. Also available are two pre-packaged solutions – IBM SPSS Decision Management for Claims and IBM SPSS Decision Management for Customer Interactions.

To learn more about IBM business analytics, visit www.ibm.com/gbs/bao

To learn more about SPSS, an IBM Company, visit http://www.spss.com