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Analytics can cut down risk of insurance fraud

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According to figures from the National Insurance Crime Bureau, insurance fraud has increased 19 percent since 2009. The good news is that insurers can take advantage of new products and services, such as the SAS Fraud Framework for Insurance, to improve the quality and efficiency of their business practices while cutting down on instances of illegitimate claims.

The SAS Fraud Framework for Insurance offers insurers streamlined social network analysis, pre-built insurance content for better fraud detection and the SAS Financial Crimes Monitor, which helps users logically manage rules, models and alerts.  

"Insurers are catching up with the rest of financial services in preventing fraud," said Stephen Applebaum, senior analyst for an insurance company based in Boston. "With questionable claims at all-time highs, insurers need advanced analytics and link analysis to identify and prevent fraud sooner."

Analytics systems like the SAS Fraud Framework for Insurance can reduce costs for insurers, and that can lead to reduce costs for companies that need to secure necessary business insurance policies. An upcoming webinar put on by A.M. Best will discuss how analytics can help insurers further boost their risk management efforts.

A panel of experts will lead the one-hour webinar, which will also discuss trends in the risk management industry.

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