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Opportunities for Insurers: Operationalizing Analytics
As insurers expand the applications of analytics across business functions – underwriting to claims to marketing – they have to master the basics: quality data, business and analytical skills, and focused strategy. To explore what it takes to operationalize analytics in the insurance industry, IIA spoke with Jim Hulett, Insurance Solutions Consultant in the Global Security Intelligence Practice at SAS.
- Article There's more to gain from regulations than just complianceThe things you are doing now to prepare for Solvency II implementation can benefit your business in many other ways. For instance, do you know which customers, regions or products are your most profitable? Do you know where you are leaking profits? Get the most from your compliance efforts.
Data is King
Learn about the benefits of building an analytical data warehouse based on an insurance-specific data model so insurance companies can gain the most out of their investment in business analytics.
- Customer Story A risk-based approach to combat money laundering in IsraelSAS Anti-Money Laundering helps Ayalon Insurance monitor suspicious activity and meet challenging regulatory requirements.
The Connected Insurer
Explore the opportunities IoT creates, the barriers to its adoption within the insurance industry, and what’s needed to fully exploit the potential of IoT for competitive advantage and growth.
Solvency II Compliance and beyond: The essential steps for insurance firms
For the last 30 years, insurance companies have been bombarded with new and increasingly diverse regulations, all designed to validate that insurers are financially stable. The largest transformation of European insurance legislation to date, Solvency II is meant to protect policyholders and minimize market disruption by setting stronger requirements for capital adequacy, risk management and disclosure. Although it’s a long and difficult journey for many insurance companies, the new guidelines are just the beginning of a new risk management playbook. Learn about the essential steps that insurance companies need to complete to ensure Solvency II compliance – and beyond – with the ability to support enterprise risk management.
- Customer Story Brazil tackles insurance fraud with AI and analyticsCNseg relies on SAS to thwart fraud, improves alert accuracy by 67%.
- Customer Story Turkish insurer achieves real-time fraud detectionAksigorta uses advanced analytics to increase fraud detection rate by 66 percent.
- Customer Story Improving loss ratios and profitabilityTriad Analytic Solutions helps insurers benefit from advanced analytics.
- Article Shut the front door on insurance application fraud!Fraudsters love the ease of plying their trade over digital channels. Smart insurance companies are using data from those channels (device fingerprint, IP address, geolocation, etc.) coupled with analytics and machine learning to detect insurance application fraud perpetrated by agents, customers and fraud rings.
- Customer Story Healthier lives for our four-legged friendsAgria uses SAS to provide better care for pets and peace of mind for their owners.
- Article Are you covering who you think you’re covering? How rigorous are you in determining membership eligibility? By some estimates, between 4 and 18 percent of all health plan benefits are paid in error due to eligibility fraud issues.
- Article Why it's so easy to steal from insurance companies – and what to do about itThe former leader of a successful and sophisticated fraud enterprise tells insurers how he stole so much money from them, who does it and why it's so easy.
- Article Analytics for prescription drug monitoring: How to better identify opioid abusePrescription drug monitoring programs (PDMPs) are a great start in combating abuse of prescription drugs, but they could be doing much more. Better data and analytics can inform better treatment protocols, provider education and policy decisions – and save lives.
- Article 5 Challenges for IoT in the insurance industryIoT promises to substantially reduce losses in the insurance industry, but adoption is low. That will change when the industry overcomes these five challenges.
Return on Information: The New ROI
This paper explores the techniques and technology available for taking advantage of big data so insurers can price better, expand markets and improve the business of underwriting risk and handling claims.
- White Paper Advanced Analytics For Dissolving Data SilosThe growing need for data storage has heightened the proliferation of data silos. Readers will learn how organizations can apply machine learning and artificial intelligence to battle fraud, confirm customer identities and build data systems to avoid potential silos.
- Customer Story Financial planning with speed, accuracy and confidenceInfinity Property and Casualty Insurance turned to SAS for streamlined financial planning.
- Customer Story Cracking down on insurance claims fraudSBM sees fraud-detection rates improve fivefold with SAS Detection and Investigation for Insurance, enabling insurers to save millions of dollars.
- Customer Story Advanced analytics can detect and prevent insurance fraud before losses occur
- Customer Story Hybrid approach ensures seamless experience for insurance customersInsurance company Topdanmark gains a true omnichannel marketing approach and better workflows with SAS® Customer Intelligence 360.
- White Paper Insurers: Are You Ready for IFRS 17?This white paper tells you what to look for in an IFRS 17 solution and explains why insurers should be taking action now to prepare for the new requirements.
- Customer Story Q&A: Roberto Benassi on detecting, preventing insurance fraudDetecting, preventing insurance claims fraud is the foundation of upstart property and casualty insurer's strategy to compete with market leaders.
- White Paper Understanding Data Streams in IoTThis paper explains how streaming analytics helps you acquire, understand and use real-time, streaming data to make fact-based, automated decisions – and instantaneously react to new information.
Fighting Insurance Application Fraud
Learn about the advantages of using analytics-driven methods for authenticating applicants to reveal customer gaming, agent gaming and potential future claims fraud.
- Article IFRS 9 and CECL: The challenges of loss accounting standardsThe loss accounting standards, CECL and IFRS 9, change how credit losses are recognized and reported by financial institutions. Although there are key differences in the standards for CECL (US) and IFRS 9 (international), both require a more forward-looking approach to credit loss estimation.
- Article Beyond IFRS 17 – what's next?IFRS 17 is not just a new accounting standard. Its fundamental objective is to provide transparency and insight to the insurance business while identifying strengths and areas for improvement. Learn how to keep a long-term vision and achieve broader business value beyond the immediate demands of IFRS 17.
The State of Insurance Fraud Technology
For the third consecutive time in six years, insurers report increasing amounts of suspected fraud. Nearly three-quarters of insurers in the 2018 survey say fraud has increased, an 11-point increase since 2014. The expansion in anti-fraud technology does have growth pains, however. Insurers report increased frustration with integrating data into their systems and continuing problems with high levels of false positives.
Driving Growth in Insurance With a Big Data Architecture
The SAS® and Cloudera Advantage
- White Paper LDTI Should Spell OpportunityComplying with the Long-Duration Targeted Improvements standard presents major challenges to insurance companies. At the same time, it offers them the opportunity to modernize business processes and information systems.
- Customer Story Can big data analysis increase sales?Upon growing its assets by nearly 40 percent in 2011 compared to 2010, Cigna Indonesia turned to SAS to handle the barrage of big data for better business decisions.
- Article IFRS 17 and Solvency II: Insurance regulation meets insurance accounting standardsIFRS and Solvency II encourage comparability and transparency from a regulatory and accounting perspective for insurers, but there are important differences.
Four Use Cases Show Real-World Impact of IoT
This TDWI e-book explores in detail what IoT means and does for retailers, the automotive industry, state and local governments working with utilities firms, and the manufacturing industry. Common themes include connectedness, data-driven insights, predictive capabilities and transformation.
The Art and Science of Reinsurance
This white paper explains how reinsurers can gain a competitive advantage by turning to technology for catastrophe modeling, data analytics and geospatial information systems (GIS) to better understand the data and their risk exposure.
- E-Book Becoming a data-driven organizationLearn about the three foundations of becoming data-driven – data management, analytics and visualization – and how they can increase profitability, boost performance, raise market share and improve operations.