RiskTech Forum

URALSIB First To Implement SAS® Fraud Framework For Insurance In Russia

Posted: 23 June 2015  |  Source: SAS


Insurance agencies worldwide agree: At least 10 percent of claims are fraudulent – and it’s policyholders and customers who pay the cost. Russia-based URALSIB Insurance Group was determined to get ahead of fraud to protect its business and customers. Teaming with business analytics leader SAS and leading Russian systems integrator I-Teco, URALSIB deployed analytics solution SAS® Fraud Framework for Insurance. The antifraud analytics implementation is the first of its kind in the Russian insurance market.

Rising insurance fraud not only hurts the bottom line for insurance companies. It hits policyholders hard. 

“Fraudulent activities force insurers to increase budgets for analytics and security. Unfortunately, that is passed along to policyholders through higher premium rates,” said Ivan Shornikov, Deputy CEO of URALSIB Insurance Group. “We value our customers, so we decided to invest in an integrated analytical system so they don’t have to pay the price of these insurance scams.”

SAS Fraud Framework for Insurance can detect signs of fraud before claims are paid. The solution’s hybrid approach combines automated business rules, predictive modeling, text mining, database searches, exception reporting and social network analysis. By using multiple techniques, the insurance company can spot organized fraud, determine the likelihood of fraud, and predict potential losses. URALSIB gains an overall view of customer information spanning the last three years. Housing information such as vehicle history and the accident report in a single interface ensures accuracy of the analysis and minimizes the probability of false alarms.

“For this landmark project, we teamed up our best specialists with SAS and URALSIB,” said Pavel Zubkov, Deputy General Director and Head of Financial Institutions Department at I-Teco. “We were able to deploy this innovative SAS Fraud Framework for Insurance solution and adapt it to the requirements of Russian customers. We are confident that this collaboration will serve as a model for the insurance industry as a whole in Russia.”