Korea-based Dongbu Insurance has expanded its IT platform relationship with SAS by selecting a fraud detection and prevention system.
SAS said that the system detects fraudulent claims better by analyzing accident data from Korea Insurance Development Institute along with internal contract and accident data.
Dongbu expects to protect policyholders by preventing leakage, improve customer satisfaction through expedited claim settlement, and protect its clients from losses due to fraud using SAS.
Dae-Doo Na, Dongbu Insurance manager, who oversaw the implementation said that SAS enabled them to manage loss ratios systematically through consolidated management of the entire process, from incoming claims to payments. By detecting potential collusive fraud by customers and insurance agents in advance, they were able to analyze and manage risk to everyone involved.
In May 2011, Dongbu Insurance has selected SAS to develop enterprise risk management system.