Company for Cooperative Insurance (Tawuniya) has tapped SAS, a provider of business analytics software and services, to bolster its analytics and fraud/waste prevention capabilities. The partnership comes amid growing concerns of online frauds and scams perpetrated by con artists trying to take advantage of the disruption caused by the pandemic.
As part of the partnership, SAS will offer an end-to-end insurance fraud management system for the Saudi health insurer, in efforts to improve the speed of claims settlement and fraud identification. Through the use of cutting-edge analytics, Tawuniya will be able to leverage SAS predictive modeling to detect anomalies and outliers to minimize losses.
Abdulaziz Hassan Al-Boug, CEO of Tawuniya, said: “Tawuniya has good experience in combating fraud operations, and has equipped its system with several indicators to detect fraud and reduce losses resulting from fraudulent claims. By working with SAS, we want to improve our experience and take advantage of fraud detection technology to control costs and manage medical claims. The incorporation of artificial intelligence (AI) tools within our claims-handling process is essential to help ensure the accuracy and expedition of our claims settlement, which will certainly strengthen our customers’ trust and improve their satisfaction. Utilizing AI and analytics has taken center stage across our operations; the transformation is incorporated across all areas of our operations. This project is a key initiative within our digital transformation program, which will increase efficiency, speed, and reliability across the organization, improving our services for the clients as well as the employees.”
Zafir Junaid, general manager — North Gulf at SAS, said: “All types of insurance organizations are vulnerable to insurance fraud, especially considering the digital and distanced processes due to the ongoing pandemic. The medical sector, especially, has recently been rapidly targeted.”
To identify fraudulent activities and expedite internal processes, leveraging AI and analytics solutions are therefore becoming critical. Our industry-leading ‘Detection and Investigation for Insurance’ solution will assist Tawuniya to predict behavior patterns, safeguard customers, and efficiently manage risk to help guarantee and bolster customers’ trust and experience at all touch points. Through this strategic partnership with Tawuniya, we aim to accelerate Saudi Arabia’s digital transformation agenda and capitalize on the momentum to boost the country’s productivity and fast-track its digital-first journey with SAS’ analytics capabilities.”
Source: https://www.arabnews.com/node/1776481/corporate-news