SAS Offers Fraud Product Via the Cloud
Staff Writer | June 17, 2015
To provide fraud analytics more quickly and affordably, SAS is now offering SAS Fraud Framework for Insurance via the cloud. This new option increases investigator efficiency, lowers cost of ownership, and does it securely on the SAS Cloud as a software-as-a-service (SaaS) offering.
Recognizing the importance of tackling claims fraud, Grange Insurance wanted to implement a solution quickly. The company, which offers auto, home, life, and business insurance protection to policyholders across 13 states, worried that installing a traditional on-site solution would take months. It would also involve procuring hardware, managing installation and configuration, and require excessive internal IT resources. In opting for a cloud-based fraud detection solution, Grange was able to make SAS Fraud Framework for Insurance available in weeks instead of months.
“Addressing claims fraud is essential for all insurers. SAS Fraud Framework for Insurance helps us more accurately detect potentially fraudulent activity,” says Ken Kozek, vice president of claims at Grange Insurance. “In addition, the pre-built fraud analytical models enabled us to implement the solution quickly.”
Analysts across industries point to a continued shift of IT budgets away from in-house installations to cloud-based delivery models. CEB TowerGroup research shows that 59 percent of insurance firms expect increased spending on cloud solutions technology over the next few years.
“Cloud-based applications and services have huge potential for the industry, making solutions more accessible to insurers of all sizes,” says Karen Pauli, senior executive advisor at CEB TowerGroup. “SAS Fraud Framework for Insurance in the cloud offers a fast and cost-effective way for insurers to implement fraud analytics technology.”
Powered by SAS’ advanced fraud analytics engine, SAS Fraud Framework for Insurance uses multiple analytics techniques: business rules, anomaly detection, predictive modeling, database searches and link analysis. The solution enables insurers to uncover more suspicious activity than traditional manual methods of detection.
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