Insurance Analytics Software

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.

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.

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/LDTI. Take a comprehensive approach to insurance contract accounting − from data sources to reporting – with predefined data models supporting all methodologies required to successfully implement IFRS 17/LDTI – including posting generation, a subledger, process management and governance. For IFRS 17, SAS supports the general measurement model (GMM), formerly known as the building block approach (BBA) for long-term contracts, the premium allocation approach (PAA) and the variable fee approach (VFA). For LDTI, SAS supports the calculation of net premium ratio (NPR), liability for future policy benefits (LFPB), amortization of deferred acquisition of cost (DAC) and market risk benefits (MRB).
• 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.
• Ratemaking. Take your actuarial ratemaking process to the next level and enable on-demand pricing at scale using machine learning to gain actionable insight and drive agility. Develop more precise tariff models faster through an agile methodology. Quickly deploy tariffs into production, and embed real-time pricing optimization.

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.

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.

In the digitally transformed insurance industry, it is crucial to have an effective IoT strategy that includes artificial intelligence (AI) in order to derive value from vast amounts of IoT data. By applying SAS analytics with embedded AI to your IoT data, you can gain actionable insights into your customers and how their needs change over time, while finding profitable revenue streams that differentiate your business. SAS delivers:

• Risk analysis. Assess risk, create new pricing policies and estimate claim reserves using different data types from IoT devices with embedded AI.
• Social media data analysis. Gain insights for creating personalized and digitally transformed offerings and customer experiences.
• Telematics. Quickly identify new risk factors and create new pricing models from telematics and other IoT data with rapid deployment and testing of powerful AI-based models.
• Customer experience. With IoT data and AI, you can generate real-time pricing for customers, offer health and well-being services, and manage customer mortality risk.
• Claims processing. IoT and AI are driving further evolution in claims processing, aligning toward active loss prevention, including:
  • In-vehicle sensor data analysis, which provides warnings of dangerous driving patterns.
  • Weather sensor data analysis, which complements underwriting and loss prevention.
  • Drone data and aerial imagery analysis, which is used for property inspection in the event of a damage claim.

SAS delivers advanced analytics with a unique breadth and depth, along with extensive analytics IP for insurance and the ability to unify diverse, open source technology environments. In addition, SAS draws on a robust partner ecosystem to further help you reduce risk, ensure business continuity and accelerate time to value. With SAS, you can:

• Reduce costs and increase efficiency. Collect, manage and analyze data where it lives.
• Have more confidence in decision making. Make decisions using accurate, timely insights based on all available data, including IoT data at rest, in motion and everywhere in between.
• Boost the productivity of your data analytics teams. Provide a single, collaborative environment that developers and partners can use to build and expand on sophisticated models that deliver highly accurate results.
• Seize new IoT market opportunities resulting from changing conditions. Tap into the full potential of all your data and a robust ecosystem.
• Deliver personalized customer experiences. Gain real-time insight into your customers and how their needs change over time.
  
• Realize both incremental and long-term business gains. Streamline and automate processes across your IoT infrastructure.