FICO awarded new patents for innovations in predictive analytics

FICO, the leading provider of analytics and decision management technology, announced on May 17 that it has been awarded 17 new patents by the U.S. Patent and Trademark Office. These patents were awarded to members of the FICO Labs team for inventions underlying FICO offerings in predictive analytics, credit scoring and fraud detection.

"Advances in predicting customer behavior quickly become competitive assets for businesses in the era of big data," said Dr. Andrew Jennings, chief analytics officer at FICO and head of FICO Labs. "Our latest patent awards underscore FICO's culture of innovation and discovery, and the importance we place on helping our clients face the high-pressure competitive and regulatory environments they find themselves in."

Seven of the new patents are for inventions in predictive analytics, such as: better assessing risk using predictive models that characterize cross-interactions among both categorical and non-categorical input variables; adding new data transaction profile variables to pre-existing models; characterizing risk associated with consolidated debt on a secured instrument; more comprehensive data mining; analyzing insurance claims to detect revenue leakage and over-billing; and creating a new real-time system for event probability prediction.

FICO now holds 122 U.S. and foreign patents, and has 98 patent applications pending in the United States and other countries.