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SAS® Fraud Management
Fewer false positives, better prioritization & faster, more accurate investigations
Insurance claims fraud is widespread and expensive, with estimated losses exceeding $30 billion in the US alone. Fueled by technology advancements that have made crimes such as identity theft and claims manipulation both easy to commit and hard to detect, fraudulent activity continues to grow and attract a variety of criminal types.
As a relatively low-risk, high-return activity, claims fraud holds particular appeal for organized crime syndicates, who account for a growing proportion of insurance fraud. Unfortunately, most fraud detection solutions uncover fraud based on a single claim or customer in isolation and are unable to identify claims associated with organized fraud. SAS can change that.
How SAS can help
SAS Fraud Management takes a unique approach to claims fraud management, enabling you to significantly reduce your claims fraud losses by detecting more fraud with fewer investigators. With SAS, you can:
- Uncover high-value claims fraud networks. The solution analyzes all related activities and relationships at a network dimension and uses networked scoring techniques to identify fraudulent activity, such as staged accident rings.
- Identify twice as many fraudulent claims, which previously went undetected.
- Prioritize fraudulent claims, allowing Special Investigation Units (SIUs) to investigate high-value claims first.
- Increase investigator efficiency. The solution's Web-based network visualization and data drill-down technology can reduce the time spent investigating each referred claim by at least 50 percent.
- Reduce false positives. While traditional approaches yield one accurate fraud hit for every 30 claims referred for investigation, the SAS solution reduces that figure to one accurate claims fraud hit in every three referred.
- Protect your reputation and satisfy regulatory requirements through better fraud management.
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Looking for more information on SAS® Fraud Management?
Ready to put THE POWER TO KNOW® to work for you?
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Industries
Aerospace
