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The Guarantee Fund, which supports Bulgaria's motor insurance industry, has taken significant steps to combat insurance fraud, which affects 25% of the market. By collaborating with IBM Premier Business Partner Musala Soft Ltd., they integrated driving records with insurance histories, utilizing advanced data mining and visualization techniques. This innovative solution aims to reduce insurance fraud, enhance accuracy, and lower costs for insurers, thus benefiting over 3.3 million registered drivers. CIO Donka Tileva states this initiative reshapes the Bulgarian motor industry for better risk and pricing decisions.
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Guarantee Fund dramatically reduces insurance fraudGaining a comprehensive, accurate view of automobile insurance policies across Bulgaria The need: Guarantee Fund, an organization responsible for supporting the motor insurance industry in Bulgaria, saw an opportunity to boost accuracy and fairness for more than 3.3 million registered drivers. If Guarantee Fund could address fraud rates of 25 percent, it could help lower costs for insurers while protecting law-abiding drivers from artificially raised premiums. The solution: Working with IBM Premier Business Partner Musala Soft Ltd., Guarantee Fund developed an innovative solution that integrates driving records with insurance histories, using sophisticated data mining and visualization techniques to uncover duplications and falsifications. “Deploying the IBM solution has helped us achieve our goal of truly reshaping the Bulgarian motor industry.” —Donka Tileva, CIO, Guarantee Fund Solution components: • IBM® Power® 570 • IBM System Storage® DS8300 • IBM XIV® Storage System • IBM AIX® • IBM Cognos® Business Intelligence The benefit: • Enabled faster and more accurate decisions regarding risk and pricing. • Expected to reduce duplication of records to virtually zero percent by 2013. • Reduced the number of drivers violating the mandatory insurance coverage law by 12 percent. OIP03064-BGEN-00 1
