SAS® a top pick for insurers in 2012
Posted: 28 November 2012 | Source: SAS
Surge seen in customer and marketing analytics for insurance industry.
Big data demands, coupled with increasing exposure from fraud and risk, are pressing insurers to seek a technological advantage. Business analytics leader SAS is clearly offering a lifeline. The evidence: worldwide revenue growth rate topping last year's figures for the same timeframe. Improving the customer experience emerges as a priority for insurers, with new sales for customer intelligence solutions increasing a striking 520 percent compared to 2011.
With more than 40 insurers using SAS® Risk Management for Insurance, Solvency II requirements are a key factor. Many insurers embrace SAS to pair better risk management for compliance regulation with more efficient business operations and greater investment value. Risk solution sales, to such companies as EFG Eurolife and santalucia, have jumped 25 percent in 2012 compared to 2011.
Organizations that have selected or further invested in SAS this year include Amica (US), AXA (Poland), Banca Carige Group (Italy), Barmenia Krankenversicherungen (Germany), Basler Insurance (Germany), BRE Insurance (Poland), Cardif (Poland), EFG Eurolife (Greece), ERGO (Germany & Belgium), HUK-Coburg (Germany), Mutual of Enumclaw (US), Poste Assicura (Italy) santalucia (Spain), SEC SERVIZI (Italy), XL Group (US) and Ydrogios Insurance (Greece).
"For fraud, risk, even big data, insurers continue to invest in analytics for competitive advantage," said Stuart Rose, Global Insurance Marketing Director at SAS. "The US, Canada and Latin America regions alone have seen new sales grow 27 percent compared to 2011."
New global sales of analytics solutions to insurers have grown more than 68 percent compared over last year. Along that same vein, the advent of high-performance analytics has gained traction with insurance organizations such as XL Group, which chose SAS In-Memory Analytics to help visualize big data.
The Coalition Against Insurance Fraud estimates that fraud costs the property and casualty industry more than $30 billion annually in the US. Predictive modeling and text mining are the most popular anti-fraud weapons among insurers according to a 2012 survey from the Coalition and SAS. SAS Fraud Framework for Insurance was recognized by leading insurance strategic advisory firm Strategy Meets Action (SMA) with its SMA Innovation in Action award this year. This honor spotlights how new technologies can help modernize, optimize and innovate insurance practices.
With more than 35 years of experience in insurance, SAS works closely with top insurers to provide timely solutions that address critical business needs. In the insurance industry alone, SAS data management, fraud detection, risk management, regulatory compliance, customer intelligence and other software is used by more than 1,200 insurers worldwide. The insurance industry contributed 12 percent of the total company software revenue of $2.73 billion in 2011.