A new version of SAS Fraud Framework for Insurance purports to be a response to numbers finding insurance fraud up 19 percent since 2009. Business analytics software and service provider SAS released its new product with promises of streamlined social network analysis, pre-built insurance content and a new SAS Financial Crimes Monitor.
“Insurers are catching up with the rest of financial services in preventing fraud. With questionable claims at all-time highs, insurers need advanced analytics and link analysis to identify and prevent fraud sooner,” said Stephen Applebaum, senior analyst for Property and Casualty Insurance, Aite Group. “Insurers benefit significantly: Reducing false positives means processing legitimate claims faster, reducing overhead while improving customer experience and retention.”
New social network functionalities enable SIU’s to more efficiently identify major cases of suspicious activity, according to the company, while the pre-built insurance content includes an extendible data model and industry-specific red flag business rules and models for detecting property and casualty fraud. The model can also integrate external data, according to a company statement.
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