SAS, one of the big names in data and analytics, will invest $1 billion over the next three years to further develop advanced analytics solutions targeted at the unique needs of specific industries. In banking, government, insurance, health care, retail, manufacturing, energy and more, SAS will build upon its decades long focus on providing tailored solutions to industry challenges. SAS® Viya®, SAS’ cloud-native, massively parallel AI and analytics platform. “Businesses face many challenges, from the threat of economic recession and stressed supply chains to workforce shortages and regulatory changes,” said SAS CEO Jim Goodnight. “With insights from industry-focused analytics, resilient organisations can find opportunity in these challenges. “Through this investment, SAS will continue to support companies using AI, machine learning and advanced analytics to fight fraud, manage risk, better serve customers and citizens, and much more. We remain steadfast in our ongoing commitment to innovation while delivering the market’s best analytics.” R&D innovation + industry expertise = analytics for the peopleAll industry solutions will run on
The billion-dollar investment includes direct research and development, industry-focused line-of-business teams, and industry marketing efforts. It will fund the innovative work of SAS data scientists, statisticians and software developers working with consultants, systems engineers and marketers with specific industry experience.SAS Dynamic Actuarial Modelling provides optimised data preparation and highly flexible modelling capabilities supported by machine learning. This helps insurers offer fair pricing in a fast, fraught market. Partners play a key role SAS’ broad and deep network of partners will help in the development and rollout of industry-specific solutions. “SAS’ decades long leadership in creating powerful industry solutions and use of SAS Viya to move these solutions to the cloud is one of the key reasons why customers value our partnership,” said Alvaro Celis, VP of Solutions Area ISV Sales for Microsoft. “By tailoring AI and advanced analytics to the precise needs of banking, government, insurance, health care and other industries, SAS and Microsoft have created a crucial differentiator for our joint customers.” An example of this type of partnership is Azure confidential computing, a new technology – jointly delivered by Microsoft, SAS and chipmaker AMD – designed to provide enhanced protection for highly sensitive data while it is in use in memory. This technology can significantly improve privacy and data security for customers in highly regulated industries such as financial services, health care and government. SAS Viya on Microsoft Azure will soon include Azure confidential computing capabilities featuring AMD EPYC™ processors with SEV-SNP technology. This will provide SAS Viya customers with an even more secure AI and cloud computing platform to further reduce the risk of a breach and strengthen compliance, while simultaneously giving customers access to larger data pools for more powerful analytic models. The new capabilities will be initially available in the United States, the Netherlands and Ireland, with a wider rollout later.The investment is in line with the trend toward democratising data analytics. By putting the power of advanced analytics in the hands of more people with varied experience and job roles, organisations and society will benefit. It’s what SAS calls analytics for everyone, everywhere. As organisations continue to embrace AI, machine learning, computer vision and Internet of Things (IoT) analytics to gain valuable insights, people of all skill levels can participate in the analytics process through low- or no-code options like those delivered by solutions running on SAS Viya. Data scientists and statisticians can use SAS’ industry solutions, benefiting from AI, machine learning and other powerful analytics. And importantly, so too can business analysts to better detect and prevent fraud, city planners to improve public health and safety, medical personnel to enhance patient care, and frontline workers to optimise manufacturing assembly lines. Dynamic insurance pricing for a fraught market The Insurance Information Institute named 2022 the worst year in more than a decade for property and casualty (P&C) insurance. Through disasters like Hurricane Ian, the US P&C industry alone bore a $26.5 billion underwriting loss, according to research by AM Best. To stay afloat amid compounding climate risk, insurers must raise premiums to shore up liquidity, frustrating customers in an already unstable market. Quick, accurate and unbiased premium pricing is crucial to remaining solvent and competitive, while promoting consumer peace of mind.