Providing software solutions since 1976
Providing software solutions since 1976
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SAS® popular choice for insurers as 2011 sales growSAS is top pick for addressing trends in analytics, fraud and riskCARY, NC (Nov. 14, 2011) – Insurers worldwide are battling with increasing volumes of data and protecting both profits and customers from loss exposure due to fraud and risk. SAS, the leader in business analytics software and services, has been a popular choice for analytics to help solve these issues as evidenced by worldwide revenue growing more than 25 percent over this time last year. Organizations who have selected or further invested in SAS this year include Dongbu Insurance (Korea), Erie Insurance (US), Hyundai Fire and Marine Insurance (Korea), Infinity Property & Casualty (US), KBC (Belgium), LVM Versicherung (Germany), NOVALIS TAITBOUT (France) and P&V Group (Belgium). "The adoption rate of business analytics in insurance is growing rapidly," said Stuart Rose, Global Insurance Marketing Manager at SAS. "We are seeing significant investment by carriers in three major areas – fraud, risk and analytics." The National Insurance Crime Bureau (NICB) recently reported a 4.5 percent rise in questionable claims for the first half of 2011 compared to the previous year. To combat fraud, SAS has seen heightened interest and sales representing triple-digit growth for the SAS Fraud Framework for Insurance. The solution provides enhanced claims fraud detection and improved operational efficiency while decreasing the total cost of ownership. Compared to revenue from last year, SAS has seen a 370 percent jump in its total anti-fraud software revenue for 2011. In regards to risk, the continuing volatile financial environment and increasing regulations such as Solvency II and Dodd-Frank are making an enterprise risk management program essential for insurers. Released less than two years ago, SAS Risk Management for Insurance has more than 15 customers worldwide including Assicurazioni Generali, HDI Assicurazioni, KBC, P&V Group, and Unipol Gruppo Finanziario. SAS was recently named a leader by Chartis Research's Market for Solvency II Technology 2011 report. Analytics continues to be the top IT initiative among insurers. More insurers are turning to high performance computing such as grid to improve the processing power to analysis the ever increasing amount of data available. Sales of SAS Grid Computing have more than doubled as compared to this time last year. In July, SAS was ranked No. 1 in software market size from Gartner Inc.'s Market Trends: No Escaping BI and Analytics in Insurance in 2011 report. The Gartner report gave SAS 25 percent of the market share in 2010 with revenue of $138.7 million. Celebrating 35 years as an analytic innovator, SAS works closely with insurers to provide timely solutions that address critical business needs. In the insurance industry alone, SAS data management, fraud detection, risk management, regulatory compliance, customer intelligence and other software is used by more than 1,100 insurers worldwide. SAS' industry expertise is evidenced by long-term customer relationships, including several insurers who make the list as SAS' first customers. The insurance industry contributed 12 percent of the total company software revenue of $2.43 billion in 2010.
SAS is the leader in business analytics software and services, and the largest independent vendor in the business intelligence market. Through innovative solutions, SAS helps customers at more than 50,000 sites improve performance and deliver value by making better decisions faster. Since 1976 SAS has been giving customers around the world
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