Fair Isaac to enter Insurance and other sectors

Bangalore, Jun 19 (UNI) Fair Isaac, one of the world's top technology companies, today announced its decision to enter various sectors such as healthcare, retail, insurance and telecommunications to increase its market share.

Speaking to newsmen here, new Chief Executive Officer of the company Mark N Greene said that the company had already created a niche in the Enterprise Decision Management (EDM) through its software applications in Banking with seven per cent to eight per cent market share. The company was more known through its products such as 'Falcon' to detect frauds in banks, which protected 65 per cent of all credit card transactions.

He said the company began its India operations three and a half year ago by establishing an office here with an employee strength of 300. The number would be increased by another 50 to 100 soon, he revealed adding that a separate sales and marketing team would be installed at an office to be opened in Mumbai later this year.

He said the China office would be started in Beijing before end of this month.

Replying to queries, he said the EDM was a US dollar 20 billion market and the company would like to be the market leader by spreading its activities gradually. There was a tremendous potential in Asian Countries such as India and China in this regard, he added.

He said the clientele comprised over 2000 institutions in 60 countries. The company's revenue during 2006-07 was around US dollars 825 million, he added.

UNI