Acxiom Corp. and Fair, Isaac & Co. have announced an agreement to develop risk management software and sell it jointly. The software is aimed at property and casualty insurers.
Called Acxiom RM-Tools, the system will access and score information, including motor vehicle reports, claims histories, additional driver reports, and other relevant risk assessment data from a variety of data bases. RM-Tools will add demographic information to the customer file, develop a series of performance scores, and indicate which RM-Tools reports will add value to the underwriting process.
The system is designed to offer decision-making support at several points in the underwriting process.
"Based on data from the insurance company, as well as demographic data and other factors, RM-Tools will rank-order the value of additional sources of data for an underwriting or marketing decision. It will also provide a performance score based on predictive factors from the combined information," said Jeffrey F. Robinson, senior vice president at Fair Isaac's insurance division.
Designed to Save Time and Money
David E. Walter, business development executive at Acxiom, said that because the tools centralize the information gathering and scoring processes, customers will be able to cut costs associated with equipment, time, and manpower incurred in acquiring data from multiple sources.
Acxiom, Conway, Ark., provides information management services, marketing software, and computer outsourcing.
Based in San Rafael, Calif., Fair Isaac specializes in developing information management tools and predictive technology for the financial services industry. Fair Isaac currently provides the insurance industry with User, a custom-developed risk evaluation system for personal lines underwriters and Property Loss Score, a credit bureau report developed specifically for personal property insurers.