Powered by the SAP HANA platform, the application is planned to provide real-time detection that offers robust integration capabilities into business systems, along with alert notification and management features. It also aims to help minimize false positives through real-time calibration and simulation capabilities on large volumes of data. And with the combination of rules and predictive methods, SAP Fraud Management is intended to help users optimize fraud scenario analysis and adapt measures to changing fraud patterns to better prevent fraud.
"The rise of big data is forcing organizations to improve their governance, risk and compliance efforts. Being able to validate who did what, and provide a defensible audit trail, is key in addressing potential fraud," said Michael Rasmussen, chief pundit, GRC 20/20, a governance, risk management and compliance research firm. "There is a potential for organizations to face massive loss due to fraud. This is becoming even more of a risk with the ever-increasing amount of data being generated. Helping customers detect even a fraction of these cases would represent significant savings—employing advanced solutions to help detect and deter fraud makes sense."
As part of the broader portfolio of SAP solutions for governance, risk, and compliance (GRC), SAP Fraud Management is planned to be adaptable to unique business needs and varying industries. The SAP Fraud Management for Insurance analytic application is designed to offer:
- Closed-loop fraud processing: detection and prevention of claim fraud across multiple line of business with direct impact on the loss ratio
- Seamless Integration: real-time information flow between fraud and claim processing in both directions to help ensure consistency and optimized process flows
- Optimized Investigation: intuitive functionality and alerts, supporting investigators from first fraud signal to final decision
This story originally appeared at Insurance Networking News.
Carrie Burns is editor at Insurance Networking News.