CARY, NC (Jul. 21, 2011) � SAS, the leader in business analytics software and services, has been ranked No. 1 in software market size from Gartner Inc.’s Market Trends: No Escaping BI and Analytics in Insurance in 2011 (1) report. The Gartner report gave SAS 25 percent of the market share in 2010 with revenue of $138.7 million.
According to Gartner, “insurers are preoccupied with regulatory compliance and risk management, customer acquisition and retention, and achieving operational excellence. These imperatives are driving a wide range of investments in technology, with a deep focus on data architectures, data quality, and how data can be used to assess the business operations and financial performance of the insurer, for product development, claims analytics, compliance and reporting, and fraud detection. Insurers are maturing in their use of BI platforms and analytics tools, especially as these tools mature and become available with usable interfaces.”
The report identified business intelligence as “most widely deployed for performance management, but claims analytics is currently an area where many insurers state an intention to invest, and analytics for fraud detection is also an emerging area of opportunity. Going forward, we expect more widespread use of predictive analytics for areas such as risk modeling and pricing as the offerings available continue to improve, as well as customer retention and support of ‘upsell’ opportunities.”
“Within the insurance industry, revenue growth and increased operational efficiency are still primary analytical initiatives but we have noticed emerging trends including ‘big data,’ social media and telematics,” said Stuart Rose, Global Insurance Marketing Manager at SAS. “As insurers embrace analytics, SAS can help support an insurance company’s analytical requirements today and in the future.”
SAS continues to innovate and deliver powerful analytical technology with the broadest and deepest portfolio of packaged analytical applications in the BI space. These insurance specific solutions include:
- SAS� Fraud Framework for Insurance helps insurers detect both opportunistic and organized claims fraud.
- SAS Insurance Analytics Architecture uses an insurance-specific data model to accelerate an insurer’s analytical capabilities to make fact-based decisions.
- SAS Risk Management for Insurance performs risk analysis and risk-based capital calculations, supporting regulatory requirements such as Solvency II.
- SAS Customer Analytics for Insurance delivers specific analytical techniques to drive decisions related to customer profitability.
With more than 30 years of experience in financial services, SAS works closely with top insurers to provide timely solutions that address critical business needs. In the insurance industry alone, SAS data management, fraud detection, risk management, regulatory compliance, customer intelligence and other software is used by more than 1,100 insurers worldwide. The insurance industry contributed 12 percent of the total company software revenue of $2.43 billion in 2010.
(1) Gartner Research. Market Trends: No Escaping BI and Analytics in Insurance in 2011. Derry N. Finkeldey and Dan Sommer. June 30, 2011
SAS is the leader in business analytics software and services, and the largest independent vendor in the business intelligence market. Through innovative solutions delivered within an integrated framework, SAS helps customers at more than 50,000 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®. http://www.sas.com/