URALSIB first to deploy SAS Fraud Framework for Insurance in Russia
Thursday, 06 25 2015, Category: Insurance and Reinsurance, Country: Europe
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."
Source: Insurance Business Review