Grange, which offers auto, home, life and business insurance protection to policyholders across 13 states, was concerned that a traditional on-site solution would take months and involve procuring hardware, managing installation and configuration and require additional internal IT resources, SAS said. By selecting the cloud-based fraud detection solution, Grange was able to implement SAS Fraud Framework for Insurance in weeks instead of months.
“Addressing claims fraud is essential for all insurers. SAS Fraud Framework for Insurance helps us more accurately detect potentially fraudulent activity,” said Ken Kozek, vice president of claims at Grange Insurance. “In addition, the pre-built fraud analytical models enabled us to implement the solution quickly.”
Research shows that 59 percent of insurance firms expect to increase spending on cloud solutions technology over the next few years, according to “Adoptions and Investments in Financial Services Technologies,” a white paper from CEB TowerGroup. And across industries, analysts anticipate a continuing shift of IT budgets to cloud-based delivery models and away from in-house installations.
“Cloud-based applications and services have huge potential for the industry, making solutions more accessible to insurers of all sizes,” said Karen Pauli, senior executive advisor at CEB TowerGroup. “SAS Fraud Framework for Insurance in the cloud offers a fast and cost-effective way for insurers to implement fraud analytics technology.”
This article courtesy of Information Management's sister brand, Insurance Networking News.
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