Saama listed as Representative Vendor of Insurance Fraud Analytics Solutions in the recently released Gartner Market Guide for Insurance Fraud Analytics.
Quickstart on Microsoft Azure Cloud shows a typical new big data use case – industry-specific with new data types and combinations.
Among the leaks in insurance policies are fraudulent claims, a major concern for carriers. Claims Fraud Solutions have been available for over twenty years in the market, yet approximately 10% of all insurance claims contain a fraud element, leading to $35 billion in Premium Leakage annually.
Claims Fraud as we know is a subset of Premium Leakage, and is bifurcated into opportunistic (e.g. overbilling) or professional fraud (e.g. organized groups).
Saama’s Fraud Analytics combines Flag-based and Predictive Modeling that automates and operationalizes fraud detection, prevention and prediction by a sequence of statistical methods like segmentation, logistic regression, cluster analytics, heat maps, and analysis. Link Analysis looks for deep, hidden connections and patterns to reduce your Loss Ratio.
Saama is pleased to be listed for the second time as a Representative Vendor of Insurance Fraud Analytics Solutions in the recently released Gartner Market Guide for Insurance Fraud Analytics. Saama made the list alongside other large global technology brands.
We launched the Quickstart at the recent Intuition conference February 18, 2016, making Saama’s Fraud Analytics components and services available on the Microsoft Azure cloud platform for customers to build and deploy their own solution in weeks instead of months.
The collaboration with Microsoft brings immediate benefit to Saama’s customers, many of whom are seeking out enterprise-class cloud resources to jump-start new analytics projects, or to digest increasing data volumes through IoT and other sources.
For more information and a video on Saama’s Fraud Analytics and Quickstart, click here.