IBM Business Analytics Software Saves Insurance Co. $2.4M in 4 Months

by Angela Guess

IBM today announced that Santam, the leading short term insurance company in South Africa, has already saved $2.4 million on fraudulent claims since implementing IBM’s business analytics software four months ago. According to the article, “The analytics software has enhanced Santam’s fraud detection capabilities and also enabled faster payouts for legitimate claims.”

Anesh Govender, Head of Finance, Reporting and Salvage at Santam stated, “IBM and OLRAC-SPSolutions have helped us build a solution that has not only transformed our claims processing methodology in terms of speed and efficiency, but also provides new insight which helps us identify false claims more quickly, which protects our business and customers… The solution has delivered a full return on investment and also helped uncover a motor insurance fraud syndicate in less than 30 days after the system went live.”

Read more here.

photo credit: ibmphoto24

Tags: business analytics software, fraud detection, IBM, Santam, savings, South Africa

This entry was posted on May 9, 2012 at 10:29 am and is filed under Analytics, Big Data, Business Intelligence, Data Daily, Data Topics, News, Security. You can follow any responses to this entry through the RSS 2.0 feed.