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04/03/2016

As part of the cooperation agreement signed between Insurance Information and Monitoring Center (SBM) and Sabanci University, “The Project for Big Data Analytics for Fraud Detection in Insurance Industry” will be brought to life.

The signature ceremony for the "Project for Big Data Analytics for Fraud Detection in Insurance Industry" to be carried out at Big Data Behavioral Analysis and Visualization Laboratory of Sabancı University was held at Karakoy Minevra Palas on Friday, March 4th 2016.

Sabancı University and Insurance Information and Monitoring Center (SBM) signed a strategic partnership agreement. The signature ceremony for the "Project for Big Data Analytics for Fraud Detection in Insurance Industry" to be carried out at Big Data Behavioral Analysis and Visualization Laboratory was held at Karakoy Minevra Palas on Friday, March 4th 2016.


Opening speech of the ceremony was delivered by Sabancı University Chancellor Prof. Dr. A. Nihat Berker. In his speech, Mr. Berker emphasized the importance that Sabancı University places on collaboration between the insurance industry and the university and said, "Especially the insurance industry is the assurance for sustainability in society and individual life and because of this it has to be protected. Every incident of insurance fraud is both a material and intangible damage to the society and individuals".


Sabancı University Big Data Behavioral Analysis and Visualization Laboratory Directors and Sabancı University Instructors Burçin Bozkaya and Selim Balcısoy as well delivered speeches at the ceremony. In his speech, Burçin Bozkaya said "As part of this project, data analysis methods will be utilized to determine the profile, factors and conditions resulting in insurance fraud based on insurance data collected at SBM systems and this way fraud detection rates are expected to be improved. Analytical and visual tools at the laboratory will be used actively to reveal the relationship between different variables."



Selim Balcısoy said, "The work to be conducted in collaboration with SBM will be one of the first initiatives in the world in terms of analysis of all insurance industry records in a certain area in a specific country. In order to conduct effective analysis using intense and complex data, such data needs to be presented using different visual and interaction methods. Data visualization methods and tools to be applied to SBM data will provide us with valuable hints for comprehending an intense data network."


SBM CEO Aydın Satıcı shared details of the "Project for Big Data Analytics for Fraud Detection in Insurance Industry". Aydın Satıcı stated that SBM serves as the data hub of the sector and that all policy and claim data are collected at SBM systems in real-time and SBM is one of the rare such organizations in the world in this regard. Satici stated that with the analyses methods applied to this rich data source at SBM, they provide added value to the insurance industry. Satici also mentioned that analytical models are developed and Social Network analyses are conducted in order to prevent fraud, which is one of the major problems in the sector, and that they established the Fraud Prevention Bureau (SISEB) to detect organized insurance fraud cases. Aydın Satıcı said, "With this collaboration between SBM and Sabancı University, we aim to further improve our fraud prevention systems and to develop analytical models unique to Turkey that can self learn by analyzing beneficiary behavior. And in the following phases of the project, we aim to decrease fraud rates with social media analyses, the telematics project, location-based analyses and fraud detection efforts in other branches and as a result, to decrease financial losses of insurance companies and to contribute to efforts for lowering premiums paid by beneficiaries with no fault".

The project will be carried at Big Data Behavioral Analysis and Visualization Laboratory of Sabancı University which is the first and only such laboratory in Turkey. The laboratory was founded in partnership by Sabancı University and Massachusetts Institute of Technology (MIT) and Akbank is the strategic partner of the laboratory. Business analytics software and services for the laboratory are provided by SAS, the world's leading independent provider of business intelligence solutions. With this project the goal is to apply Big Data Analytics methods to prevent or to attain large decreases in insurance fraud which is a major cost item in the insurance industry. In this regard, accident data and data on beneficiary profiles and behavior collected in data systems of SBM, the data hub of the insurance industry, will be analyzed using numerous data mining methods to effectively determine potentially fraudulent claim files or individuals with high probability of being involved in insurance fraud and to take necessary precautions. With decreased rates of insurance fraud, profitability of insurance companies is expected to improve and premiums paid by honest beneficiaries are expected to decrease.


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