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Fraud is a costly problem for both policy holders and insurance companies, costing billions of dollars in lost revenues annually. Insurance companies are under pressure to improve their ability to detect and prevent fraud. Equipped with the right tools to analyze the organization?s business data, fraud examiners can more accurately identify transactions and activities that indicate a risk of fraudulent activity earlier in the process.
Sybase® IQ is the market?s leading analytics server designed specifically for mission-critical business intelligence and analytics. Sybase IQ enables insurance organizations worldwide to more accurately detect and prevent fraud by making it possible to quickly and efficiently analyze massive data sets with large dimensionalities using advanced data mining and statistical techniques. Sybase IQ enables insurance firms to catch suspicious claims earlier in the claims process by building fraud detection systems using accurate statistical analysis on massive amounts of data up to 100 times faster and at a fraction of the cost. With Sybase IQ, insurance organizations have increased profits by reducing the financial impact of fraud by improving the accuracy of fraud detection and prevention systems, and increasing the speed of investigation.
Sybase IQ is part of an integrated ecosystem of technologies that support fraud analysis for insurance companies, including:
- Sybase IQ ? the first analytical database enabling storage and retrieval of unstructured data as part of the same repository as transactional or analytical data, enabling businesses to glean new insights from textual data found in social media.
- Sybase Complex Event Processing provides an easily programmable infrastructure for developing and deploying real-time event driven risk alerts which require high throughput and low latency.
- SAP BusinessObjects ? combined with Sybase IQ lets customers implement quickly, innovate more and spend less on their analytics environments.
- Sybase Industry Warehouse Studio ? enables insurers to implement a working analytics system in the shortest amount of time with a minimum of risk.
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Advanced statistical models and algorithms
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- Sybase® IQ In-Database Analytics Option provides access to an extensive library of built-in numerical, statistical, and predictive analytics functions
- Allows analysts and quantitative staff to use massive data sets for better modeling accuracy
- Supports models for real-time credit scoring, inventory management, risk mitigation, churn management, fraud detection, and sales optimization across a wide variety of business
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Analyze Text and Multimedia content
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- Analyze unstructured data including text, Web content, and hundreds of proprietary document formats
- Search multimedia content such as images, audio, and video
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Integrate into workflows and applications
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- Query data through Web Services interface
- Supports application development using C/C++, .NET, Java, PHP, Perl, Python, Ruby on Rails, PowerBuilder and ODBC interfaces
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Leverage the reporting & analytics tools you know
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- Certified with all major reporting & analytics tools, including SAP BusinessObjects, Crystal Reports, MicroStrategy, IBM Cognos, SAS, SPSS, Actuate, Pentaho, Microsoft, KXEN, and more
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Smaller footprint to reduce costs
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- Reduce storage costs with patented algorithms that compress data up to 85%
- Superior manageability reduces administrative cost by 75 percent
- Rapid deployment enables quick ROI
- Supports virtually all hardware and OS configurations
- Independent compute power and storage capacity provide scalability?at a reasonable cost
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Sybase?s product offerings for fraud detection include:
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