Dongbu Insurance detects fraud with SAS® software
Insurer adds to recent SAS enterprise risk management system investment
SEOUL (Dec. 06, 2011) – After selecting SAS for Enterprise Risk Management in early 2011, Korean-based Dongbu Insurance expanded its IT platform with a fraud detection and prevention system using SAS, the leader in business analytics software and services. The system detects fraudulent claims better by analyzing accident data from Korea Insurance Development Institute along with internal contract and accident data. Using SAS, Dongbu expects to protect policyholders by preventing leakage, improve customer satisfaction through expedited claim settlement, and protect its most profitable clients from losses due to fraud.
"SAS enabled us to manage loss ratios systematically through consolidated management of the entire process, from incoming claims to payments," said Dae-Doo Na, Dongbu Insurance Manager, who oversaw the implementation. "By detecting potential collusive fraud by customers and insurance agents in advance, we were able to analyze and manage risk to everyone involved. Thanks to the scientific accumulation of fraud investigation information, we can address customer complaints in product development and underwriting, standardize and intellectualize accident investigation, and improve claim agents' performance and efficiency."
An additional weapon for today's insurers, SAS Fraud Framework for Insurance helps to prevent, detect and manage claims fraud across various lines of business. The solution promotes enhanced claims fraud detection and improved operational efficiency and decreased total cost of ownership.
About Dongbu Insurance
Founded on January 24, 1969, under the philosophy of becoming a "good company," Dongbu Group has achieved its two primary goals of multiplication and specialization. With a presence in national backbone industries, the company is now ranked among the top ten corporate groups in Korea. Launched as Korea's first public auto insurance company in 1962, Dongbu Insurance became a member of Dongbu Group in 1983 and changed its name to Dongbu Insurance Co. Ltd. in October 1995. Dongbu Insurance emerged as a prominent, comprehensive, non-life insurer in Korea, driven by its focus on customer satisfaction and sound financial status. Based on profit-oriented management, systematic loss-ratio management, top-notch ROE and ROA, Dongbu Insurance has posted surpluses for 16 consecutive years to lay a solid foundation for sustainable growth.
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