AI Software from SAS is Helping Fight Fraud & Boost Insurtech Start-Ups

SAS, the leader in analytics, is enhancing its easy-to-use artificial intelligence (AI) solutions to help organisations improve efficiency and quickly realise value with automation. The updated SAS® Platform delivers new functionality including automated data management, automated machine learning and cutting-edge interpretability features, underscoring SAS’ commitment to making AI more transparent and accessible for all.

Available in the fourth quarter of 2019, the newest release of SAS® Viya® on the SAS Platform offers the latest AI and advanced analytics techniques, accessible to both data scientists and business users. The enhancements provide an intelligent process to automate many of the manual and complex steps required for data transformations and to build machine learning models. SAS automates the analytics life cycle – from data wrangling to feature engineering and algorithm selection – in a single click.

To add a layer of transparency, the software will dynamically produce a visual pipeline to eliminate the black box that can accompany automation. And through natural language generation, results are presented in easily understood business terms. Once a model is finalised, it can be deployed with a single click.

To further democratise AI solutions, the automated modeling process uses a REST API. This helps developers customise business applications while using SAS Analytics. Additionally, users can easily embed open source code and augment their analysis with SAS, providing a truly open experience. Machine learning is also used to recommend data transformations to reduce data preparation time.

UK Insurance provider Admiral fights fraud with AI

Fraudulent claims and applications are a major problem for the UK insurance industry, with both insurers and genuine customers paying the price through increased premiums. According to Cifas, the UK’s leading fraud-prevention service, false insurance claims rose by 27% in 2018 from the previous year, with auto/motor seeing a 45% increase.

Admiral, a UK-based insurance company, has developed fraud portals that eliminate the need for manual referrals, saving significant time and resources while detecting more fraud than ever before. Fraud investigators and analysts now work from a single centralised hub, sharing data across the organisation and applying sophisticated analytics to detect and prevent fraud. This approach has delivered more than £31 million of benefit in the last 12 months alone, including £6 million in savings for claims fraud.

“We used an insurance fraud analytical engine from SAS to apply multiple techniques – including automated business rules, machine learning, artificial intelligence, text mining, database searches, anomaly detection and network-link analysis – to automatically score claims, associated entities and any corresponding social networks,” explained Sarah Lang, Head of Business Analytics at Admiral. “This process has allowed us to build a strong relationship between analytics and claims fraud. A continuous feedback loop ensures we continue to update the process, identifying fraud in more cases in a faster way, whilst improving our customers’ experience.”

Industry disruption powered by AI

Italian startup Yolo is disrupting the insurance industry with help from SAS AI solutions. The company’s digital insurance platform provides on-demand access to policies for travel, products, health and pets. Fuelled by SAS machine learning, Yolo’s Platform can customise a temporary insurance policy offer to a customer without lag time.

“As a digitally native company, our customer’s experience is paramount,” said Gianluca De Cobelli, co-founder and CEO of Yolo Group. “With SAS, our Platform is able to process a customer’s request to insure their vacation or their smartphone using all available data in real time, allowing our financial institution and corporate partners to provide their clients with a customised and dynamic mobile experience.”

The future in AI: Growth and opportunity

“SAS continues to innovate in AI, building on the $1 billion investment in AI we announced earlier this year,” said Saurabh Gupta, Director of Advanced Analytics & Artificial Intelligence at SAS. “SAS delivers AI that helps users manage, understand and analyse the data they have and make better, faster decisions with it. The latest enhancements to our AI offerings focus on automating the many manual and complex steps required to build machine learning models.”

The investment will focus on current and future R&D and expert services to build on successful AI efforts like that of Admiral and Yolo over three years. It will also include SAS education initiatives that address customer and partner needs to better understand and benefit from AI.

About alastair walker 10573 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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