View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
October 6, 2009

Kyobo Life Opts For SAS To Minimise, Prevent Fraud

To assess risk relating to new business and accident claims

By CBR Staff Writer

Korea-based Kyobo Life Insurance has selected SAS to support and enhance its existing risk and fraud management system.

The new system from SAS intends to raise the level of the company’s risk management efforts by applying SAS Analytics to assess risk relating to new business and accident claims, and identify those requiring further examination. Kyobo Life expects to launch the new system in March 2010.

The insurance claims scams can be attempted by policyholders, company employees and attorneys, as well as medical institutions and doctors. Increasingly, major insurers in Korea are seeking systems that detect irregular insurance practices before such claims are paid out.

Through close co-operation with Kyobo Life, SAS Korea is developing a system that provides varied modeling capability. Based on SAS, Kyobo Life will build a system to enable an analytic process for measuring insurance fraud. Kyobo Life expects that the resulting reduction in false claim payouts will lower premium rates and significantly increase their ROI objectives.

Content from our partners
Rethinking cloud: challenging assumptions, learning lessons
DTX Manchester welcomes leading tech talent from across the region and beyond
The hidden complexities of deploying AI in your business

Kim Kyung-Lyung, general manager at Kyobo Life, said: “Insurance fraud affects not only insurers, but also policyholders, as fraud leads to increased premiums. Starting early next year with this new system, we will protect our policyholders more effectively by improving business performance and preventing unnecessary and unfair insurance claims payouts. The new system is expected to increase customer satisfaction and the competitiveness of the company’s marketing practice, which will help retain our best customers.”

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.