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.