SMA Innovation in Action Award goes to SAS Fraud Framework for Insurance

By Shamila Janakiraman
TMCnet Contributor

SAS (News - Alert), a specialist in business analytics, announced that it has been selected by insurance strategic advisory firm Strategy Meets Action or SMA to receive the SMA (News - Alert) Innovation in Action award for its SAS Fraud Framework for Insurance.

SMA launched this award program in its endeavor to inspire, share, and recognize solutions that benefit both insurers and solution providers. The innovative solution recognized should also leverage one or more of the five next-generation technologies namely mobile, collaboration, analytics and big data, social media, and the cloud.

Optimally serving the business intelligence market, SAS provides innovative solutions that help customers at more than 60,000 sites to enhance performance by arriving at optimum decisions faster.

Stuart Rose, Global Insurance Marketing Manager at SAS said, “Fraud is a growing challenge for insurance companies, especially organized fraud.”

Rose further added that the selection of SAS for the award further emphasizes the success that SAS solution has in dealing with insurance fraud. SAS customers benefit a lot form this advanced technology which enables higher detection rates besides enabling more accurate scoring of claims for suspicious activity. Also, the solution flags and stops fraudulent claims, said officials.

“SAS, the winner in the IT solution provider category for SAS Fraud Framework for Insurance, provides a cutting-edge solution by combining key next-generation technologies to help insurers detect and prevent both opportunistic and organized claims fraud,” said Karen Furtado, SMA Partner.

SAS Fraud Framework for Insurance has been designed especially to prevent, detect and manage claims in different businesses. Also the solution is well equipped to increase investigation efficiency and accuracy of special investigations units and has been leveraged by insurers like Allstate and CNA.

According to a recent report, Softonic has chosen SAS Business Analytics to meet the challenge of big data. Softonic is a prominent website for sales and the download of secure software in Europe and Latin America. It will use SAS predictive analytics to deepen its understanding of users.

The company will harness powerful SAS Analytics to uncover customer behavioral patterns, predicting likely user actions, responses and preferences in online purchasing and downloading software.

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