How SAS software for insurance is transforming the industry
Much has been said about the power of data analytics in the healthcare and insurance space. Insurance companies around the world have especially benefited from powerful data analytics technology like SAS software – enabling them to slash costs and prevent any unnecessary losses due to fraud. At the heart of the reason behind any organisation adopting technology is a core commitment to optimising growth and cutting costs.
Thanks to the vast amount of unprecedented volumes of data and insights now available to businesses, processes have been transformed and significant benefits are being enjoyed. Among these benefits is the opportunity for cost containment and growth.
How does SAS software for insurance improve cost containment
The last thing any business wants, let alone an entity in the insurance space, is to have costs and unnecessary expenditures pile up. Unfortunately, in an industry littered with fraudulent activity, many insurance companies often deal with cases of improper payments going out unnoticed for long periods of time. The result? Losses that rack up and amount to millions of dollars.
A report from 2016 identified that insurance claims rose suspiciously by 30% despite overall casualties dropping by a proportional amount in Sydney. With such staggering levels of fraud taking place in other parts of the country as well, it goes without saying that insurance companies needed a solution to address this – analytics platforms like SAS software were that answer.
On one front, SAS software, in particular, has the ability to detect and flag any suspicious/fraudulent payments before it’s too late. With built-in predictive analytics and reporting capabilities, SAS software leverages insights from previous transactions and plots them against contemporary claims in determining potentially fraudulent claims.
Another area in which unnecessary costs and fraud takes place is in the form of false Medicaid, MCOs, and state employee/traditional health plan claims. Analytics platforms like SAS software have built-in functionality to rapidly detect and determine eligibility via an array of analytics tools and data sources.
Much like any other industry, trends and insights lie deep in the data. If leveraged correctly, these hidden trends provide insurance companies with access to a wealth of information that can help them better predict effective treatment options. Through this, insurance providers can ensure that their clients have access to the best healthcare at an extremely affordable cost.
Similarly, powerful data analytics tools like SAS software can help providers easily identify and predict which clients are at the highest risk of readmission. This level of insight guarantees that providers can choose the most cost-effective and appropriate member-specific interventions – ensuring that they can aptly balance their risk without incurring heavy losses due to claims.
Opportunities for growth
In the insurance space, generalities are a luxury that most companies cannot afford. Being able to predict risk down to an individual/standalone case becomes critical in cutting costs and paving the way for greater growth.
Equipped with the many years of experience loaded into SAS software, combined with trained SAS experts and consultants to guide the way, insurance companies can maximise and protect their interests and investments by focusing on targeted populations with the greatest potential for revenue growth.
With better access to data and insights, insurance companies can provide tailored incentives to specific groups of low-risk clients for better outcomes, while significantly reducing costs and improving overall access to high-quality care. Given that organisations would have access to a centralised portal of information that comprises records from the very first recorded incident and every other subsequent one, they would be able to better collaborate with a wide variety of caregivers and ensure high-quality care, with significantly better outcomes, at much lower costs.
Why should you consider SAS?
From advanced analytics to powerful customer intelligence modules to data management and case management functionality, SAS software has provided insurance companies around the world, not just here in Australia, with access to the complete picture of their operations.
While SAS software alone may not be sufficient to drive the results you desire, merging it with the expertise of industry-renowned SAS consultants can really take things home. Unsure of this? Here’s some proof.
As a SAS partner, we had the privilege of working closely with Bupa Australia, administering and consulting on their SAS environment. As a result of our 18-month phase one engagement, we were able to help Bupa Australia save an excess of $150 million in claims – according to their Information Delivery Manager.
While it’s easy to overlook the value of data analytics – especially through a reputed platform like SAS, the value of leveraging such a platform is massive. If you’re still unsure, read this case study one more time and see for yourself!
With many years of experience as a SAS partner, in addition to countless years of shared SAS experience among our team members, our team here at Selerity have allowed many of our clients to enjoy significant savings – sometimes in the range of millions of dollars. If you would like to know more about our SAS services, our company, and our work with SAS, in addition to how you can leverage our expertise, feel free to reach out to us, or stay tuned to this feed.