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OLSPS Analytics to take on short term insurance fraud in Africa

OLSPS Analytics is an international, market-leading predictive analytics and machine learning consultancy that specialises in resolving some of the most difficult business problems through the use of high end machine learning and predictive analytics.

OLSPS Analytics is an international, market-leading predictive analytics and machine learning consultancy. OLSPS Analytics specialises in resolving some of the most difficult business problems through the use of high end machine learning and predictive analytics.

One of the big issues short term insurance sector faces is fraudulent claims. According to CEO of ASISA, Peter Dempsey, total amount of fraudulent claims was R794.5 million in SA in 2013, and R755.2 million in 2014.

"Unfortunately dishonesty and fraud tend to increase when economic conditions are tough – it is very familiar situation for most African countries. OLSPS Analytics has developed a proven claim segmentation solution which can predict fraudulent claims, prevent fraudulent pay outs and fast track non-fraudulent claims, greatly reducing costs.

The OLSPS Analytics Claim Segmentation Solution was successfully implemented for largest South African short-term insurance company Santam. It resulted in ability to detect 17 million ZAR fraudulent claim. Besides preventing fraudulent pay out OLSPS Analytics claim segmentation solution improved customer service by enabling legitimate claims to be settled within an hour, more than 70 times faster than before, while greatly reducing processing costs, giving Santam an edge over the short-term insurance market.

Since the highly successful implementation at Santam, as well as at another major South African insurer, OLSPS Analytics has focused on deploying the solution on the new OLSOLV Deployment Platform. OLSOLV is a cloud (or on premises) platform designed to dramatically improve deployment time and simplify of use of predictive solutions, such as the Claim Segmentation Solution. With the unique ability to rapidly deploy, as well as make solutions readily usable to semi-technical/business focused end users, OLSOLV opens up OLSPS Analytics' high end Claims Segmentation to the greater African market at a highly competitive price.

Claim Segmentation Solution on OLSOLV can be implemented in the period of 4 weeks instead of 4 months.

OLSPS Analytics Claim Segmentation solution on OLSOLV is the best option for any insurance company for many reasons:

-Claim Segmentation solution on OLSOLV will cost less to the company than developing similar solution in-house.
-Implementation time of Claim Segmentation solution on OLSOLV will be 75% less than implementing similar solution in-house.
-Claim Segmentation solution on OLSOLV wraps up years of tried and tested industry knowledge and analytical expertise into a simple, user friendly dashboard – no data analysts required.
-The OLSPS Claims Segmentation Solution powered by SPSS Modeler Server at its core, IBM's most powerful, industry leading analytical engine.
-Cloud Base Claims Segmentation Solution can be accessed from anywhere in the world. It is perfect solution for insurance companies with multiple offices around the country or the world.

OLSPS Analytics OLSOLV deployment platform is the great way to fight fraudulent claims in Africa on the big scale.
OLSPS Analytics can assist any insurance company in Africa with free assessment of company data as well as solution quotation for any type of data and company size.
Please contact Business Development Department to set up a free assessment.

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