SAS Fraud Framework for Insurance

SAS Fraud Framework for Insurance is the innovative solution for counteraction to fraud in an insurance field. For identification of potentially fraudulent claims the hybrid approach combining a set of ready business rules and such effective methods as the detector of anomalies, forecast modeling, the analysis of social communications and text analytics is used. Use of such tool provides the high accuracy of identification of swindlers and allows to minimize the probability of "false alarm" that promotes growth of trust to the company from reliable clients and to improvement of its reputation. This solution allowed the western insurance companies to reduce significantly payments to swindlers, to increase efficiency of internal security services and, as a result, to make insurance rates more attractive to clients.

The most notable effect of application of the solution SAS Fraud Framework for Insurance in insurance companies of Russia can be expected in the field of car insurance. According to the union of motor insurers of the Russian Federation, in the CMTPL a share of payments for fabricated cases where the facts are distorted and circumstances of the event are incorrectly described, averages 20% of all claimed losses that is in terms of money equivalent more than 10 billion rubles a year. The share of payments to swindlers for policies of KASKO makes 12%, or about 12 billion rubles a year. Considering the Russian specifics, this highly effective solution can be demanded also in the field of voluntary medical insurance and life insurance.