Over the years I have written many blogs about insurance fraud including those on anti-money laundering, data quality in fraud, anti-fraud technology, life insurance fraud and even ghost broking. It’s clear that insurance fraud comes in many shapes and sizes and as losses continue to grow, detecting and preventing fraud
Insurance is a tough marketplace, but in many respects reinsurance is tougher! Today, the reinsurance industry is faced with an unprecedented number of challenges especially with what appears to be an increasing frequency and severity of man-made and natural catastrophes. To combat these challenges, reinsurers are turning to technology for
In my first blog article I explained that many insurance companies have implemented a standard data model as base for their business analytics data warehouse (DWH) solutions. But why should a standard data model be more appropriate than an individual one designed especially for a certain insurance company?
As I explained in Part 1 of this series, spelling my name wrong does bother me! However, life changes quickly at health insurance, healthcare and pharmaceutical companies. That said, taking unintegrated or cleansed data and propagating it to Hadoop may only help one issue. That would be the issue of getting the data
Does it upset you when you log onto your healthcare insurance portal and find that they spelled your name wrong, have your dependents listed incorrectly or your address is not correct? Well, it's definitely not a warm fuzzy feeling for me! After working for many years in the healthcare, pharmaceutical and
Nothing works today without an efficient data management – also in insurance business. A standard data model can be an important component of it. This article explains why. “Make or Buy”? This question has been raised very often by insurance companies planning to introduce a consistent data structure – a
In a recent blog I wrote about how big data is a game changer for the insurance industry. But the question that is often asked “What is big data”? Many people associate big data with the 4 V’s: Volume – The sheer size of data that is produced. Velocity –
What if a reckless driver adopted a more responsible approach because the car insurance pricing was based on driving habits? What if the senior from next door had the insurance payments based on kilometres driven, resulting in significant savings? This may be reality sooner than you think. The Internet of Things will revolutionise
What if a reckless driver adopted a more responsible approach because the car insurance pricing was based on driving habits? What if the senior from next door had the insurance payments based on kilometres driven, resulting in significant savings? This may be reality sooner than you think. The Internet of Things will revolutionise
The role of insurance is to bring some predictability, manageability and stability to a chaotic and uncertain world. In essence, it is a risk mitigation tool. The role of the Chief Risk Officer (CRO) is to manage the overall risk strategy for the insurance company. They are responsible for defining
Insurance can be a complex business, so filing an insurance claim can be daunting task for many small businesses. When an incident does occur, be it property damage, business interruption, professional indemnity or public liability among the myriad of other potential causes of loss, it is typically a period of
~ This article is co-authored by Binod Jha, Global Product Manager for Insurance Solutions at SAS, and Amol Kokane, Senior Development Manager for Insurance & Risk Management Solutions at SAS ~ How might insurance policies change if sensor data could be automatically transmitted and analyzed from your car, your home and even your
I cannot speak from experience, but predominately an Insurance CEO has three primary objectives: Grow the business Reduce expenses Ensure compliance. Let’s individually consider each of these objectives in more detail. Grow the Business How does an insurance company grow from a $2bn to a $3bn organization? Essentially, insurance has
What do the following have in common? A homeowner inflates the value of his home entertainment equipment stolen during a robbery. A parent states they are the primary driver for their child’s car. A doctor charges for a non-existent procedure. A construction company underreports payroll or misclassifies an employee’s duties.
The single most costly employee benefit for any organization is health insurance, and the price is going up. From 2003-2009, the costs per hour worked for employee health insurance increased from $1.03 to $2.00. These costs continue to increase from 5%-7% per year. The reality is that employee health insurance costs will continue
Contributed by Rex Pruitt, IFSUG Chairman ~ During SAS Global Forum 2011 in Las Vegas, a small group of users gathered to organize the first IFSUG (Insurance and Finance SAS Users Group). Today, there are more than 370 enrollees in IFSUG Constant Contact, 60 members in the IFSUG LinkedIn group
I feel the experience of participating at SAS Global Forum year after year is like relishing a warm brownie! It’s the same treat but a unique experience every time. Subtle changes in the ingredients can lead to a unique and enhanced flavor. The team behind the scenes works hard to
Unemployment Insurance, mandated by federal statute and administered by states, is designed to provide a temporary safety net for workers who lose their jobs. Due to the recent economic downtown and increase in unemployment, unemployment benefits paid have doubled nationally from $38B in 2008 to $75B in 2009. However, is
For years, “responsible AI” has lived comfortably as a corporate promise, a slide in a presentation, a talking point at a conference. But as the EU AI Act phases into force, that comfort is rapidly eroding. The regulation officially entered into force on August 1, 2024, but its obligations will
Discover how to establish a foundation for success with AI in insurance.
SAS' new approach to MRM streamlines your compliance and review process by delivering real-time model reporting and statistical outputs.
Recently, AOL discontinued the dial-up tone synonymous with the internet. After 34 years, we will no longer hear the mechanical screech of connecting to the World Wide Web. Nostalgia notwithstanding, this news gives me pause to contemplate what my children will see sunset in their lifetimes. Consider Google today. A
Authors: Shahrzad Azizzadeh, Kaustubh Khandwe, Bahar Biller, and Paul Venditti On large-scale solar farms, power loss is the silent drain on profits. Unoptimized panels chip away at efficiency, causing hidden losses that people often overlook—but those losses are never insignificant. In this post, we’ll uncover how to spot and solve these
Evidence-based policing shifts the dynamic from intuitive assumptions to confident, accountable decision making.
SAS Viya now includes built-in bias mitigation in its machine learning procedures to help users develop ethical and trustworthy AI models by automatically detecting and reducing bias during training.
From transforming online insurance services to combating the opioid epidemic, SAS customers are using data and AI to drive innovation, enhance efficiency and make a positive impact on society. These stories – and more – offer a glimpse into how our customers are shaping the future with SAS. Dive into
Dentro de las causas que han generado los gastos recientemente cubiertos por las aseguradoras, se incluyen el año más caluroso jamás registrado y el más mortífero desde 2010, y otros fenómenos que evidencian que el cambio climático se ha convertido en el principal desafío para las aseguradoras a nivel mundial,
Get inspired by a SAS Hackathon team that used AI and IoT to tackle heat stroke.
Health care fraud, waste, and abuse (FWA) cost the industry billions each year—but what if we could outsmart it? Enter SAS Payment Integrity for Health Care: Detect and Prevent, a groundbreaking solution that is redefining how we can tackle FWA. As the first to offer models-as-a-service in a Commercial Off-The-Shelf
AI is transforming every industry, from automating insurance claims to optimizing supply chains in manufacturing. But for many organizations, the challenge isn’t whether to adopt AI; it’s how to start. This blog, the first in a two-part series, outlines the initial steps you can take to deliver a strong foundation for
