SAS scores a Celent Luminary trifecta in insurance fraud detection solutions
AI and analytics leader SAS emerged as the only vendor to earn the analyst firm’s Luminary status in all three categories
SAS is lauded an insurance fraud detection Luminary in Celent’s inaugural trio of SolutionScape reports evaluating anti-fraud solutions across insurance market segments. The research and advisory firm analyzed 13 vendors’ fraud detection offerings in three markets, evaluating each for its level of advanced technology and breadth of functionality.
Notably, SAS was the only vendor to earn Celent’s Luminary designation in all three of its Insurance Fraud-Detection Solutions, 2022 Edition reports:
“Insurers’ fraud tools have evolved from deploying scenarios to identify individual frauds to revealing fraud patterns based on historical fraud and detecting fraud in real time,” said Andrew Schwartz, Insurance Analyst at Celent. “Amid the industry’s accelerating digital transition, the tech prowess and vast applicability demonstrated in SAS’ anti-fraud offerings prove why SAS remains at the forefront of insurance analytics – and the only vendor to be named a Luminary in all three reports.”
Harnessing the power of diverse data sources, automated decision making and AI
Celent’s analyses highlighted major insurance industry trends, dominated by more virtual customer engagement in the wake of the COVID-19 pandemic. The anonymity of digital engagement only augments insurers’ fraud risks – and at a time when the Great Resignation has forced greater reliance fraud detection tools and technologies, as top talent becomes increasingly difficult to attract and retain.
To keep pace with ever more sophisticated fraudsters, Celent recommends that insurers choose vendors strong in the following categories: technology; functional capabilities; vendor stability, knowledge and investment in the solution; and implementation and support capabilities and experience.
SAS’ insurance fraud solutions on SAS® Viya® check all the boxes. SAS’ industry-tailored solutions deliver a single, end-to-end framework that uses layered defenses incorporating predictive modeling, text mining, network link analysis and more to better identify fraudulent activity before claims are paid. Industry-specific data models enable insurers to gather and consolidate internal and external data from varied sources, fueling a broad set of advanced analytic and AI techniques that automatically score claims at every stage of the process. Built-in case handling streamlines and facilitates investigations via a configurable workflow.
“Insurance fraud in its various forms costs consumers and businesses $308.6 billion in the US alone, according to the latest figures from the Coalition Against Insurance Fraud,” said Stu Bradley, Senior Vice President of Fraud and Security Intelligence at SAS. “Our latest insurance fraud technology study with the Coalition found that insurers are diversifying their data sources to gain a more complete and accurate claims picture. As this trend continues, they’ll need robust data management and orchestration. SAS delivers these capabilities, combined with a powerful decisioning automation engine that helps uncover once-hidden patterns and enable real-time fraud detection.”
Beyond fraud detection
SAS’ holistic approach to insurance technology topples operational silos and boosts efficiency by integrating fraud detection, risk management, and customer experience decision making on open, cloud-native SAS Viya. To learn more, check out Insurance Innovation Reporter’s recent interview with SAS Chief Technology Officer Bryan Harris.
“SAS Viya is a platform designed to drive data and analytics innovation and navigate disruption,” said Harris in the interview. “It’s a way to unite and govern enterprise data and drive new and better decisions, whether it is for underwriting, mitigating enterprise risk, managing claims, detecting fraud or delivering a better customer experience.”
SAS is a global leader in AI and analytics software, including industry-specific solutions. SAS helps organizations transform data into trusted decisions faster by providing knowledge in the moments that matter. SAS gives you THE POWER TO KNOW®.