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SAS: Using analytics to detect insurance fraud

Executive summary: 

GLOBAL INSURANCE CLAIMS FRAUD

The Insurance Fraud Bureau (IFB) estimates that undetected fraud = £2.1billion adding about £50 to average premium.

 The Digital Insurer reviews SAS’s Report on Using analytics to detect insurance fraud

New solutions can find fraud, saving spend on claims

SAS FRAUD DETECTION & PREVENTION

The Solution offers an end-to-end framework which:

  • decreases fraud losses – save up to 2% annual claims spend
  • increases efficiency in the claims handling process

The Solution is enriched with industry knowledge from SAS’ global insurance experience:

  • Single, integrated platform built on SAS
  • Full transactional, entity, product and network centric monitoring
  • Insurance specific solution – ‘white box’
  • Scalable to national level data volumes
  • Ability to work in real-time and in batch
  • Across different LOBs – personal & commercial, including motor, property/fire, workers compensation, life, medical, disability.

“Return of price was realised within first 5 months of its operation.”

See the full report for more…

Link to Full Article:: click here

Link to Source:: click here

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