Insurance Analytics Software
Don’t let second-rate analytics be a liability.
Pay-and-chase doesn't pay off. SAS insurance analytics software stops fraud.
Reduced fraud-related losses. Fewer false positives. And greater investigator efficiency. SAS insurance analytics software helps you detect, prevent and manage:
- Claims fraud. Detect and prevent both opportunistic and professional fraud throughout the claims process.
- Underwriting fraud. Prevent premium leakage at the point of sale and renewal.
- Rate evasion. Spot rate evasion tactics during the quote process – before you issue a policy.
Assemble alerts from multiple monitoring systems automatically. Associate them with common individuals or entities. Then automatically prioritize and route them to appropriate team members for investigation. Only SAS enables you to:
- Find more fraud faster. Our unique hybrid approach combines business rules, anomaly detection, predictive analytics and social network analysis. The result? You can uncover hidden relationships and detect subtle patterns of behavior in masses of data – both structured and unstructured – that would otherwise be missed.
- Prioritize investigations. Don't waste precious investigation time. SAS analyzes all related activities and relationships at a network dimension to detect previously hidden linkages and uncover organized fraud rings. And you can ensure that the highest-value cases get prioritized appropriately.
- Streamline processes. Comprehensive case management tools facilitate more efficient investigations. You can capture and display all pertinent information without corrupting the system with duplicate data entry.
Our focus on analytics over business rules has led to the discovery of 259 million TL [US $86 million] in potential fraud cases within the first nine months of using the solution.
How, and to what extent, are insurers using anti-fraud technology? Find out in this research report.
Aim for growth. And hit your mark.
New sales opportunities that lead to more valuable customer relationships. Proactive retention strategies that help you hold on to your most desirable customers. And reduced marketing costs. SAS delivers comprehensive insurance analytics software with capabilities for:
- Customer segmentation. Create more granular customer segments based on demographic, geographic, attitudinal and behavior data across your business.
- Customer retention. Predict customer lapse, and create personalized campaigns designed to keep your most valuable customers from leaving.
- Cross-sell and up-sell. Uncover new revenue opportunities. Predictive analytics enables you to forecast expected customer behavior and connect the right offers to the right customers. At the right time.
- Marketing analytics. Understand your customers better than ever and drive your marketing efforts forward with a complete view of the customer across all products and distribution channels.
Unlock insights hidden in your customer data. Use this knowledge to retain your most valuable customers and acquire more like them. And reduce your marketing costs while improving your overall profitability. Only SAS provides proven software, services and insurance best practices that enable you to:
- Gain a 360-degree view of the customer by consolidating all policy, claims and billing data, then cleansing and transforming the data into a complete picture of the entire customer relationship.
- Determine which policyholders are most likely to lapse or cancel policies by using predictive analytics to identify behaviors that signal attrition so you can do something about it before it happens – not when it’s too late.
- Connect the right products to the right customers at the right time through agents and direct channels by using customer analytics to understand – and act on – what drives customer loyalty.
SAS converts raw data into useful information and helps us focus on producing clean, consolidated results.
Discover how one insurer used analytics to get impressive results from its marketing efforts.
Better risk management. Faster compliance. No hesitation.
Align strategies and goals across finance, risk, actuarial and regulatory compliance functions. Develop strategic plans at the entity level involving appropriate insurance business units. Our insurance analytics software delivers comprehensive solutions for:
- IFRS 17. Take a comprehensive approach to accounting for insurance contracts − from data sources to reporting. Predefined data models, data and business rule management, calculations based on the Building Block Approach, the Premium Allocation Approach and the Variable Fees approach, generation of postings, process management and governance, help ensure success.
- Solvency II. Accurately evaluate your risk exposure – and meet requirements for governance and auditability required by Solvency II or similar regulatory regimes – with solutions that accommodate new solvency models, data management processes and complex reporting requirements.
- ORSA. Integrated data management, a powerful risk engine, our business model, a preconfigured capital planning framework and narrative reporting capabilities support both the quantitative and qualitative elements of ORSA, contributing also to an effective capital planning process.
Adopt a single, integrated risk and compliance solution. Easily communicate critical risk information to the right people. And protect your company from sudden and dramatic changes in market circumstances. With SAS, you can:
- Ensure accurate risk and compliance information with a risk data repository and insurance-specific data model that serves as a single source of information for an enterprise risk data warehouse.
- Aggregate and evaluate risk across multiple levels – at the business unit, line of business, company or group level – by performing valuation, stress and scenario-based testing using a sophisticated, powerful risk engine.
- Reduce the impact of risks by applying advanced analytics that enable you to anticipate enterprise risks and initiate risk control measures to mitigate losses.
- Enable more strategic risk and compliance related decisions by allowing risk analysts to access and communicate information when they need it, in the format and level of detail they require.
The criterion that guided us to select SAS was the need to adopt a solution that would be capable of optimizing the governance of all data in the company, not just the data related to the issues of Solvency II.
Read about the essential steps to ensuring Solvency II compliance and ongoing enterprise risk management.
Discover new opportunities. Solve more complex problems. Share insights.
An intuitive, versatile analytics framework. The power to analyze, forecast and optimize your business processes. And better decisions based on facts, rather than gut feel. Our insurance analytics software delivers powerful analytic capabilities that can help you with your most pressing issues, including:
- Actuarial analysis and ratemaking. Create more competitive pricing models by using multivariate statistical techniques to increase rating granularity.
- Claims analytics. Reduce loss ratios and lower loss-adjustment expenses by apply analytics across the entire claims process.
- Distribution optimization. Get analytical insight into the predictive factors that maximize the performance of your multichannel distribution strategy.
Make analytics a part of your daily business processes. Improve efficiencies and enhance your business performance, aided by better executive and operational awareness. And gain the insight necessary to get and keep a competitive advantage. Only SAS enables you to:
- Ensure accurate, reliable information. An insurance-specific data model serves as a single version of the truth for an enterprise data warehouse.
- Use predictive analytics to figure out why things are happening. Find out what will happen next. And choose the best alternative action considering all of your operating constraints.
- Put powerful analytics within everyone’s reach. Our data visualization capabilities enable even nontechnical users to explore and interact with data on their own.
Using SAS, we had been developing our analytics capability over the previous four years. This now includes regular KPI reporting, being able to quickly produce different cuts of accurate customer lists, and conducting complex analysis models around pricing and forecasting.
Big data. Bigger advantage.
More precise insights based on all available data – not just a subset. Fast answers to your most difficult questions. And more confident decision making. Our insurance analytics software enables you to take full advantage of big data for:
- Telematics. Visually explore billions of records and journey points. Weed out unimportant variables. And quickly develop, test and use the best modeling techniques to identify risk factors and create new pricing models.
- Social media analysis. Listen to and monitor conversations about your company on social media and online channels. Add context to those conversations. And engage with customers on a more personal level than ever before.
- Catastrophe modeling. Perform in-depth analyses in real time to assess the scope of a catastrophe. Then make critical decisions that could significantly affect your company’s long-term financial stability.
- Risk analysis. Reduce the impact of risks on your business. Our advanced analytics let you anticipate enterprise risks and initiate risk control measures to minimize losses, before it's too late.
Empower business users to quickly analyze both structured and unstructured big data assets on their own. Visually explore big data to spot trends, patterns and hidden insights. And use what you learn to design a strategy, confirm a hypothesis or identify a new idea. SAS enables you to:
- Implement an enterprise data management platform that will pull together data from across all different lines of business, then cleanse and transform that data into a consolidated enterprise view that’s ready for analysis.
- Get answers to your most difficult questions using advanced modeling techniques and performing more model iterations than ever before.
We now receive the amount of data we used to receive in a year, all within the space of less than a week. We rely on SAS to analyze this data.
Find out how insurers are using big data to glean fresh insights that drive innovation.
