Infotech Lead America: SAS has added two more major clients — Terra Insurance and Kentucky – for offering analytical solutions.
While Terra Insurance, a provider of financial services in the Norwegian market, is using SAS Risk Management for Insurance to meet Solvency II requirements by managing risks and calculating metrics, Kentucky will use SAS Analytics to combat fraudulent payments.
Hans Olav Høiby, Risk Manager at Terra Insurance, said: “Being small compared to our international competitors, it is key for us to use to the Solvency II regulations to improve internal processes. We can use insight from the required project to develop additional business opportunities, such as tailoring new products.”
The software from business analytics provider SAS uses Solvency II standard formula for the quantitative requirements of the regulations and provides support for ORSA-reporting.
Kare Nygard, CEO of SAS Norway, said: “Providing improved information management and vital business data is crucial at all levels in the insurance business for operational efficiency and strategic management.”
Using the SAS Fraud Framework for Government, Kentucky will analyze eligibility and claims in Medicaid, food stamps and temporary assistance to detect and prevent fraud. A system will allow Kentucky to add new data sources and fight fraud in other areas in the future.
Lori H. Flanery, secretary of the Finance and Administration Cabinet and interim CIO, said: “If agencies throughout state government can access shared data resources to detect fraud, then we can alleviate those burdens that negatively impact all taxpayers.”
Kentucky’s Finance and Administration Cabinet will use the SAS Fraud Framework for Government to uncover and prevent abuse in the state’s Medicaid program, Supplemental Nutrition Assistance Program (SNAP) and Temporary Assistance for Needy Families (TANF).
According to the US federal government website, PaymentAccuracy.gov, the estimated loss from fraudulent payments and waste in 2012 was $19.2 billion for Medicaid and $2.7 billion for SNAP.