Analyze claims to reduce combined ratio and decrease loss-adjustment expenses
" In the 18 months since implementing SAS to support our strategies, we have increased our market share in different categories. As a result, we've measured a 30 to 35 percent increase in technical profitability on auto insurance accounts."
—H. Cemal Ererdi
How SAS® Can Help
Analyzing claims data at each stage in the claims life cycle – from first notice of loss to payout – is critical for making the right decisions at the right times for the right parties. With SAS, you can:
- Detect fraudulent claims before they are paid using a hybrid of business rules, predictive analytics and social network analysis techniques.
- Accurately forecast loss reserves by using advanced analytics to calculate loss reserve amounts.
- Predict potential claims litigation by recognizing similar claim characteristics.
Optimize your claims processes with optimization techniques that include:
- Activity optimization for assigning resources based on workload, experience and skill set.
- Payments optimization for ensuring that you're using the provider of least cost.
- Recovery optimization for reducing loss-adjustment expenses by using data and text mining.
How SAS® Is Different
Claims analytics from SAS provide a complete framework of capabilities to help insurers significantly improve their claims management processes. Only SAS provides:
- Superior data integration capabilities.
- Predictive analytics and claims optimization techniques.
- A flexible fraud framework for detecting and preventing claims fraud.
- Intuitive, Web-based reporting.
Related Products and Solutions
SAS® Enterprise Miner™
SAS Enterprise Miner streamlines the data mining process to create highly accurate predictive and descriptive models based on large volumes of data from across the enterprise. It offers a rich, easy-to-use set of integrated capabilities for creating and sharing insights that can be used to drive better decisions.
Forward-thinking organizations today are using SAS data mining software to detect fraud, minimize risk, anticipate resource demands, reduce asset downtime, increase response rates for marketing campaigns and curb customer attrition.
SAS® Text Miner
SAS Text Miner discovers information buried in collections of unstructured text data. By automatically reading text and delivering algorithms for rigorous, advanced analyses, the solution makes it possible to grasp future trends and act on new opportunities more precisely and with less risk. It includes advanced linguistic capabilities within the core data mining solution of SAS® Enterprise Miner™ so you can easily extend text mining insights into structured data mining and predictive analysis.
SAS® Fraud Framework for Insurance
Fraud costs the P&C industry $30 billion each year in the US alone, and that figure is projected to rise as both opportunistic and professional fraud continue to grow. It is estimated that more than 10 percent of all insurance claims are fraudulent, but insurers often accept fraud as a cost of doing business since it isn't cost-effective to pursue fraudulent claims after settlement. That's why SAS developed the SAS Fraud Framework for Insurance, an end-to-end solution for preventing, detecting and managing claims fraud across the various lines of business within today's insurers.
Ready to learn more?
Call us at 1-800-727-0025 (US and Canada) or request more information.