SAS® Anti-Fraud Software Fortifies Greek Insurer’s Arsenal

Analytics helps Atlantic Union improve data quality, better detect fraud

Business Wire

CARY, N.C.--(BUSINESS WIRE)--

Fraud flourishes during periods of economic uncertainty. Greek insurers can attest to the increased fraud risk and the heightened demands to prepare for and protect against suspect activity.

Analytics helps address the growing threat. Thriving insurer Atlantic Union adopted SAS® Fraud Framework for Insurance to effectively detect, manage and prevent fraud across the entire company. With the improved data quality that comes with cutting-edge SAS technology, the insurer will capture a clearer customer picture and better track customer behavior to immediately detect organized fraud.

The economic crisis had a dramatic impact on the Greek insurance market. With financial fraud on the rise in the insurance sector, Atlantic Union needed a modernized anti-fraud platform that could safeguard the company’s profit and reputation while overcoming the inability of traditional systems to quickly and accurately identify suspicious activity. Unchecked fraud causes significant losses to insurers, damaging their financial position.

“With the upsurge in financial fraud, we had to upgrade our methods to fight it,” said Ioannis Lapatas, Managing Director and General Manager of Atlantic Union General Insurances S.A.. “After intensive research, we concluded that an advanced system, such as the SAS Fraud Framework for Insurance, was the answer. We are particularly happy with our collaboration with SAS, which we value for its expertise as well as its respect for customers and employees. We are certain our investment will bring significant company benefits.”

Discover how analytics can help you prevent underwriting fraud.

ABOUT ATLANTIC UNION

Leading insurer and reinsurer, Atlantic Union General Insurance SA, is a member of the Swiss/German group Baloise Group – Basler Lebensversicherungs AG. The company was established in 1970 by a team of top financial executives in collaboration with the internationally known bank, American Express. It soon achieved a dynamic presence in the insurance market based on its excellent organization and high quality of services. For 45 years, Atlantic Union has marked its path with credibility, reliability and consistency.

The company’s financial strength, the breadth and flexibility of its plans, the high level of specialization of its more than 700 associates (brokers, agents and insurance consultants), and its 440 points of service across the entire Greek territory, guarantee outstanding service and reliable coverage to meet the insurance needs of its customers.

ABOUT SAS

SAS is the leader in business analytics software and services, and the largest independent vendor in the business intelligence market. Through innovative solutions, SAS helps customers at more than 70,000 sites improve performance and deliver value by making better decisions faster. Since 1976 SAS has been giving customers around the world THE POWER TO KNOW®. SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright © 2014 SAS Institute Inc. All rights reserved.

Contact:
SAS
Kris Balic, 919-531-0624, Kris.Balic@sas.com
sas.com/news
or
Elpida Kallia, +30 210 6898 730
Elpida.Kallia@sas.com

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