Teradata and analytics software provider, FICO have partnered to bring advanced analytic solutions for real-time payments fraud, insurance claims and supply chain optimisation.

Bringing data, analytics and insights together streamlines the development of solutions for use cases across industries, speeding time-to-delivery and making them available for joint customers sooner. The solutions are part of a new global relationship between the two companies, expected to deliver reduced costs, improved profits, increased risk mitigation and greater customer satisfaction.

“AI is changing everything, and business will need to adjust to both the threats and the opportunities,” Teradata senior vice president WW Partners and Alliances, Lisa Stewart said.

“From fighting fraud to managing global supply chains, AI-powered analytics and advanced decision management are the new requirements for keeping up as well as creating advantage. These are the core competencies of Teradata and FICO, and our partnership will make it easier for our joint customers to innovate in this new AI-driven reality.”

The two companies have identified three initial offerings:

Fraud detection for real-time payments

While FICO fraud solutions are the global leader in card payments fraud, protecting more than 2.6 billion payment cards worldwide, this kind of sophisticated protection isn’t available for other kinds of payment products. To address this gap, FICO and Teradata have designed a fraud solution for real-time payments that will help mitigate the increasing scams and payments fraud in retail banking accounts.

Enhancing supply chain efficiency

FICO’s advanced mathematical optimisation, coupled with Teradata’s multidimensional scaling, has the potential to enable organisations to build robust capabilities to model, optimise and simulate different scenarios that affect their supply chains, and then deploy the most efficient options. At the heart of this capability is a leading optimisation modelling and solver platform based on FICO Xpress Insight, allowing operation researchers, data scientists, analysts, and business managers to easily collaborate on supply chain solutions that facilitate efficient, effective and time-sensitive decision making.

Improving outcomes for complex medical claims

Predicting and managing healthcare expenditures is a top strategic priority for property and casualty, major medical, and public (government) insurance programs. Despite industry progress in targeted areas, an approach for containing total cost across any condition still eludes industry leaders. FICO and Teradata have designed a decision automation solution to accelerate the inclusion of patient insights into the operations of claims adjusters, case managers, and special investigations units. Using AI in this solution can segment and identify pathways to care to lower financial burden while producing superior medical outcomes for the patient.

“Behind these solutions, and others we are developing, is incredible IP in decision management technology, predictive analytics, mathematical optimisation and other areas,” FICO senior vice president of partnerships, Alexandre Graff said.

“Teradata and FICO both have outstanding teams and technologies for operational analytics. Together we can make breakthroughs that help businesses worldwide prosper.”