insurance company ranking 2015

insurance company ranking 2015

dan donovan: when i talkto insurance customers about the challenges theyface in adopting analytics for fraud detection, severalcommon themes seem to emerge. first off, they haveissues in regards to data. they have concernsabout whether or not they have the right dataelements to use in analytics, whether they have theright quality of data, and whether they havethe right volume of data. second, they have issuesaround it resources.

they're oftenconcerned that they don't have the requisiteamount of resources available in order to implement afraud detection solution. third, they have concernsabout internal skill sets. do they have the rightanalytical capabilities internally to implement afraud detection solution? and lastly, they'reconcerned about cost. they often hear thatvendor-based solutions are very expensive.

at sas, we'vedeveloped an approach to help insurance customersovercome those concerns and it's called our sas fraudframework for cloud analytics. with the sas fraud frameworkfor cloud analytics, you get the full sas hybridapproach for fraud detection. we provide rules,anomaly detection, predictive analytics, textanalytics, and social network analytics, also knownas link analysis, to assist insurance companiesin identifying fraud.

the sas fraud frameworkfor cloud analytics supplies a predefineddata model. this helps address manyof the customer's concerns about data and data quality. we work with the customer to maptheir data to this data model and ensure that we have theappropriate data elements required to conduct analytics. secondly, we provide apredefined etl process. this etl process makes itvery easy for the customer

to pass data from theirsource data systems directly to sas in theformat that's required for us to conduct analytics. we also providepredefined fraud scenarios that are run againstthe customer's data to help identify fraudwithin the claims. we also provide apreconfigured user interface. this user interface creates aone stop shopping environment for the customer,where all of their data

is brought into onelocation, and can be easily visualized andleveraged for both triage and investigation purposes. we provide theskill sets required to adopt analytics in yourorganization through our domain expertise within our practice,as well as our advanced analytics lab, and ourdata scientists, who build and deploy themodels for our customers. we also help customers overcomeone of their major it concerns

by providing cloud hostingin the sas environment. this eliminates the needfor customer it resources to maintain an environment inwhich the solution is deployed. if customers are not allowedto have their data go outside their firewall, we cantake the same cloud analytics approach by applying our remotemanaged software and services to the solution, where wewould simply ask the customer to set up a server, and then wewould manage that environment remotely 24/7, 365.

finally, cost, one of the majorconcerns of most customers. using the sas fraud frameworkcloud analytics approach, we provide all of the abovefor one fixed price, which provides the customer withcost certainty, and avoids concern aboutoverruns in services. the other thingthat should be noted is that this solutionis very scalable. we've sold thissolution to customers that range between $2 billiongross written premium up

to $15 billion grosswritten premium, and all customers have seenthe same outstanding results, and significantreturn on investment. because it's scalable. it does allow thecustomer to expand as their analyticscapabilities grow. you can add to the data models. you can add data elements. you can expand theuser interface.

you can add additional fraudscenarios, if you so desire, under a servicesagreement with sas. it's also still awhite box solution. so if you have theinternal resources to build and developyour own models, you can do that and deploythem through the sas fraud framework. all of this helpsthe customer improve their operational efficiencies.

you can speed upyour triage process, get the right claims to theright people at the right time, and improve your investigators'efficiency by providing them information in a one stopshopping user interface that they can leverage throughthe investigation process.