How can software help a company improve its bottom line?
According to SAS, Fireman’s Fund Insurance Company is using SAS software in a variety of ways to add as much as $30 million to its bottom line. The company, which is a subsidiary of Allianz AG of Germany, uses information gleaned from SAS software to not only reduce fraud but also improve customer service and cut costs.
Fireman’s Fund utilizes a variety of SAS products across the enterprise for data mining of financial information and to study probability factors in claims while seeking payments from third parties. Text mining to look for words associated with fraud helped save the company $700,000 in suspicious claims, according to SAS. Customers involved in less suspicious cases also receive payments faster.
A review of third-party deductibles also brought in the company $1.5 million in revenue that would have gone unbilled.
For details on SAS and Fireman’s Fund, see: www.sas.com