Dongbu Insurance detects fraud with SAS software
Insurer adds to recent SAS enterprise risk management system investment
08 December 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 analysing accident data from the 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 analyse 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, standardise and intellectualise 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.
SAS is the leader in business analytics software and services, and the largest independent vendor in the business intelligence market. Through innovative solutions delivered within an integrated framework, 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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