RIYADH: Najm for Insurance Services and SAS, the market leader in analytics and anti-fraud technologies, has signed an agreement to counter and reduce fraud in automobile and motor insurance claims.
“Insurance fraud is becoming increasingly advanced and sophisticated … This reality demands that insurers change their investigative methods proactively,” Abed Hamandi, SAS director for professional services and delivery in the Middle East and Africa, told Arab News on Friday.
“Advanced solutions help these service providers mitigate risk and focus on streamlining claims through automation, machine learning and artificial intelligence (AI),” he said.
“SAS has always placed a huge emphasis on applications and security, particularly for the financial services sector, which is most at risk,” he added.
“Our partnership with Najm will mean it can avoid the risk of fraudulent claims, and its customers can expect a safer, more user-friendly experience with a sophisticated solution and world-class professional service.”
Assessment
With the goal of streamlining claims through application assessment and taking a proactive approach to detect and deter fraud, Najm is looking to improve efficiency in fraud identification, speed up claims resettlement and develop better-quality alerts by using the latest technologies.
Utilizing AI and machine-learning technologies, SAS will automate aspects of Najm’s claimant profiling, and will aim to complement existing manual processes to detect fraud through behavioral responses and automatically assess risk patterns.
“Insurance fraud is becoming increasingly advanced and sophisticated … This reality demands that insurers change their investigative methods proactively.”
Abed Hamandi, SAS director for professional services and delivery
“There is no doubt that AI and machine learning can provide the next wave of assurance against fraud and risk detection within our business, and we’re happy to have partnered with the best in the business, SAS,” Najm for Insurance Services CEO Dr. Mohammad Alsuliman said at the signing ceremony.
“Their understanding of our business and clear view of trends will … enable us to focus on our core business while the SAS technology solution supports the team with critical insights, alerts and updates.”
Financial risk
Alaa Youssef, managing director of SAS Middle East, said the insurance industry “is significantly exposed to fraud and financial risk.”
He added: “It’s great to see that Najm is taking a strong stride toward business predictability and profitability, and we’re pleased to play a role in its transition to a high technology-enabled insurance service provider.”
Headquartered in Riyadh, Najm offers comprehensive insurance services plans to its customer base across the Kingdom.
