Leading Greek insurer entrusts SAS® with fraud management
Analytics helps Generali Hellas better detect fraud to gain competitive edge
Cary, NC December 15, 2014 – Fraud, one of the most serious problems insurance companies face worldwide, occurs most commonly in the auto insurance sector. Generali Hellas turned to SAS® in search of an effective solution to better detect, protect and manage increasing instances of fraud and most importantly the compensation of fraudulent claims. Preventing and dealing with fraud can directly affect both financial results and overall market reputation.
A current SAS Visual Analytics customer with 127 years of leadership in the Greek insurance market, Generali Hellas sought better ways to respond to challenges while improving its competitiveness. There’s a critical opportunity for preventing and effectively handling fraud in the auto insurance sector. Such behavior is on the rise in Greece, partially due to the prolonged economic recession.
The integrated SAS Fraud Framework for Insurance is based on state-of-the-art SAS analytics technology. The solution includes automated business rules, predictive modeling, text mining, database searching, exception reporting, network link analysis and other techniques to isolate potential fraud.
The SAS solution offers Generali Hellas a series of tangible and contributory benefits, such as:
Significant savings, which substantially reduces internal costs.
An increase in detected cases of fraud compared to the past.
More efficient internal operations.
SAS Fraud Framework for Insurance not only helps spot potential fraud, it also creates competitive advantage by acting as a deterrent: Organized fraud groups are less likely to approach companies known to be protected by an effective fraud detection system.
“For Generali, detecting and managing insurance fraud constitutes both a challenge and a priority,” said Dionissis Moschonas, CIO of Generali Hellas. “The choice of a suitable partner for identifying and effectively handling fraudulent activity is of crucial importance. At a local level, SAS possesses both the know-how and the human resources to successfully implement such a complex and demanding task. SAS continues to give Generali an invaluable tool for the qualitative safeguarding of its operations.”
“We are especially proud that Generali Hellas, member of an internationally renowned group, has selected SAS to help manage the major issue of fraud,” said Nikos Peppas, Country Manager of SAS Greece, Cyprus and Bulgaria. “This choice constitutes an extension of the strategic cooperation between SAS and Generali in the local market. We are confident that it will contribute to significant cost savings and to the substantial improvement of the company’s competitiveness.”
The Generali Group is the largest European insurance group and second-largest global financial insurance company, with operations in more than 64 countries around the world. Among the 475 subsidiaries comprising the group, Generali Hellas is its representative in the Greek insurance market, with a history of more than 127 years in the country.
SAS 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 70,000 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®.