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URALSIB First to Implement SAS® Fraud Framework for Insurance in Russia - SAS and I-Teco deploy analytics to protect policyholders from scams and ease settlement process - URALSIB.com / I-Teco.ru / SAS.com
URALSIB First to Implement SAS® Fraud Framework for Insurance in Russia

 

NewswireToday - /newswire/ - Cary, NC, United States, 2015/06/22 - SAS and I-Teco deploy analytics to protect policyholders from scams and ease settlement process - URALSIB.com / I-Teco.ru / SAS.com.

   
 
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Insurance agencies worldwide agree: At least 10 percent of claims are fraudulent and it’s policyholders and customers who pay the cost. Russia-based URALSIB Insurance Group was determined to get ahead of fraud to protect its business and customers. Teaming with business analytics leader SAS and leading Russian systems integrator I-Teco, URALSIB deployed analytics solution SAS® Fraud Framework for Insurance. The antifraud analytics implementation is the first of its kind in the Russian insurance market.

Rising insurance fraud not only hurts the bottom line for insurance companies. It hits policyholders hard.

“Fraudulent activities force insurers to increase budgets for analytics and security. Unfortunately, that is passed along to policyholders through higher premium rates,” said Ivan Shornikov, Deputy CEO of URALSIB Insurance Group. “We value our customers, so we decided to invest in an integrated analytical system so they don’t have to pay the price of these insurance scams.”

SAS Fraud Framework for Insurance can detect signs of fraud before claims are paid. The solution’s hybrid approach combines automated business rules, predictive modeling, text mining, database searches, exception reporting and social network analysis. By using multiple techniques, the insurance company can spot organized fraud, determine the likelihood of fraud, and predict potential losses. URALSIB gains an overall view of customer information spanning the last three years. Housing information such as vehicle history and the accident report in a single interface ensures accuracy of the analysis and minimizes the probability of false alarms.

“For this landmark project, we teamed up our best specialists with SAS and URALSIB,” said Pavel Zubkov, Deputy General Director and Head of Financial Institutions Department at I-Teco. “We were able to deploy this innovative SAS Fraud Framework for Insurance solution and adapt it to the requirements of Russian customers. We are confident that this collaboration will serve as a model for the insurance industry as a whole in Russia.”

To learn more, download a complimentary white paper from SAS about how insurers can develop and act on analytics strategies to reach business goals.

About URALSIB
URALSIB Insurance Group (uralsib.com) is a universal insurance company, providing a wide range of insurance services to retail and corporate clients and occupying the leading position in the Russian insurance market. URALSIB Insurance Group operates within 22 types of insurance under the Russian Federal Service of Insurance Supervision’s license No. 0983 77 dated Dec. 13, 2005. The company’s regional network covers more than 176 cities in 62 regions throughout the Russian Federation.

About I-Teco
I-Teco Company (i-teco.ru/en) is a leading Russian systems integrator and provider of information technology for corporations. It has been in business since 1997 and is listed among the top 400 Russian companies, top 10 leading Russian IT companies, IT outsourcers, top 5 leading IT consultants, top 3 IT providers for banks, HRM and BI solutions provider, and No. 1 in the IaaS market. I-Teco operates the TrustInfo data center with 1,200 rack spaces, the biggest Russian commercial DPC of Tier III level, which has no equivalent in terms of functionality or disaster protection.

About SAS
SAS (sas.com) is the leader in business analytics software and services, and the largest independent vendor in the business intelligence market. Through innovative solutions, SAS helps customers at more than 75,000 sites improve performance and deliver value by making better decisions faster. Since 1976 SAS has been giving customers around the world THE POWER TO KNOW®.

 
 
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Written by / Agency / Source: SAS Institute, Inc.

 
 

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URALSIB First to Implement SAS® Fraud Framework for Insurance in Russia

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SAS | URALSIB Insurance Group
Publisher Contact: Casey Novak - SAS.com 
919-531-2670 casey.novak[.]sas.com
 
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