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Press News - 07/03/2016

News about the “Project for Big Data Analytics for Fraud Detection in the Insurance Industry” as part of the new collaboration between SBM and Sabancı University

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Dünya Newspaper

SABANCI UNIVERSITY AND INSURANCE INFORMATION AND MONITORING CENTER COLLABORATION

"Project for Big Data Analytics for Fraud Detection in the Insurance Industry" as part of the new collaboration between Insurance Information and Monitoring Center (SBM) and Sabancı University will be brought to life. The signature ceremony for the collaboration, which will take place at Sabanci University Big Data Behavioral Analysis and Visualization Laboratory, was held with the participation of Sabanci University Chancellor Prof. Dr. A. Nihat Berker and SBM CEO Aydın Satıcı.

Cumhuriyet Newspaper

COLLABORATION FOR THE INSURANCE INDUSTRY

Sabancı University signed a collaboration agreement with Insurance Information and Monitoring Center (SBM) to realize the "Project for Big Data Analytics for Fraud Detection in the Insurance Industry". The goal of the project is to prevent or decrease insurance fraud to a great extent. Sabanci University Chancellor Prof. Dr. A. Nihat Berker emphasized the importance they place on industry-university collaborations and stated insurance provides sustainability both at the individual and societal level. SBM CEO Aydın Satıcı, on the other hand, stated that the insurance industry in Turkey has a total business volume of 30 billion TL and that the industry has brought under coverage a total risk of around 80 trillion TL and said "With this collaboration, we aim to decrease insurance fraud and to minimize financial losses of insurance companies and to help lower the premiums paid by honest citizens".​

Yenigün Newspaper

SABANCI ÜNİVERSİTESİ AND SBM's NEW COLLABORATION

As part of the new collaboration agreement signed between Insurance Information and Monitoring Center (SBM) and Sabancı University, the "Project for Big Data Analytics for Fraud Detection in the Insurance Industry" will be brought to life. Sabanci University and Insurance Information and Monitoring Center (SBM) entered into a strategic partnership.

The signature ceremony for the collaboration which will take place at Sabanci University Big Data Behavioral Analysis and Visualization Laboratory was held with the participation of Sabanci University Chancellor Prof. Dr. A. Nihat Berker and SBM CEO Aydın Satıcı. The signature ceremony for the "Project for Big Data Analytics for Fraud Detection in the Insurance Industry" which will be carried out at Sabanci University Big Data Behavioral Analysis and Visualization Laboratory was held with the participation of Sabanci University Chancellor Prof. Dr. A. Nihat Berker,  Sabanci University Big Data Behavioral Analysis and Visualization Laboratory Directors and Sabanci University Instructors Burçin Bozkaya and Selim Balcısoy, and SBM CEO Aydın Satıcı. In his speech, Mr. Berker emphasized the importance that Sabanci 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".

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 and continued as follows "With the analysis methods applied to this rich data source at SBM, we provide added value to the insurance industry and we contribute to the development of the insurance industry. in order to prevent fraud, which is one of the major problems in the sector, we develop analytical models and conduct Social Network analyses. We established the Fraud Prevention Bureau (SISEB) to detect organized insurance fraud cases. With this collaboration between SBM and Sabanci 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 honest beneficiaries".​

Haber Türk Newspaper

TUSKISH STYLE ANALYTICAL MEASURES FOR INSURANCE FRAUD

Sabancı University and Insurance Information and Monitoring Center (SBM) signed a strategic partnership agreement. Sabanci University Chancellor Prof. Dr. A. Nihat Berker said "Every incident of insurance fraud is both a material and intangible damage to the society and individuals". SBM CEO Aydin Satici stated that analytical models are developed and Social Network analyses are conducted in order to prevent fraud and that they established the Fraud Prevention Bureau (SISEB) to detect organized insurance fraud cases. Aydin Satici said, "We aim 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 and location-based analyses and as a result, to decrease financial losses of insurance companies and to contribute to efforts for lowering premiums paid by honest beneficiaries".​

Günboyu Newspaper

COLLABORATION PROJECT FROM SABANCI UNIVERSITY

As part of the new collaboration agreement signed between Insurance Information and Monitoring Center (SBM) and Sabancı University, the "Project for Big Data Analytics for Fraud Detection in the Insurance Industry" will be brought to life. The signature ceremony for the collaboration which will take place at Sabanci University Big Data Behavioral Analysis and Visualization Laboratory was held with the participation of Sabanci University Chancellor Prof. Dr. A. Nihat Berker and Insurance Information and Monitoring Center (SBM) CEO Aydın Satıcı. Opening speech of the ceremony was delivered by Sabanci University Chancellor Prof. Dr. A. Nihat Berker. In his speech, Mr. Berker emphasized the importance that Sabanci 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".

Sabanci University Big Data Behavioral Analysis and Visualization Laboratory Directors and Sabanci 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."​

Para Şemsiye Magazine

SBM TAKES ACTION TO PREVENT FRAUD

As part of the new collaboration between  Insurance Information and Monitoring Center (SBM) and Sabancı University the "Project for Big Data Analytics for Fraud Detection in the Insurance Industry" will be brought to life. The signature ceremony for the collaboration which will take place at Sabanci University Big Data Behavioral Analysis and Visualization Laboratory was held with the participation of Sabanci University Chancellor Prof. Dr. A. Nihat Berker and Insurance Information and Monitoring Center (SBM) CEO Aydın Satıcı. SBM CEO Aydin Satici stated that analytical models are developed and Social Network analyses are conducted in order to prevent fraud and that they established the Fraud Prevention Bureau (SISEB) to detect organized insurance fraud cases.​

BEST Magazine

SABANCI UNIVERSITY AND Insurance Information and Monitoring Center (SBM)'S COLLABORATION IN THE AREA OF BIG DATA ANALYTICS IN THE INSURANCE INDUSTRY

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 Sabanci University Chancellor Prof. Dr. A. Nihat Berker. In his speech, Mr. Berker emphasized the importance that Sabanci 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".

Sabanci University Big Data Behavioral Analysis and Visualization Laboratory Directors and Sabanci 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. Aydin Satici said, "With this collaboration between SBM and Sabanci 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 Sabanci University which is the first and only such laboratory in Turkey. The laboratory was founded in partnership by Sabanci 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.​

Sigorta Dünyası Magazine

SABANCI ÜNİVERSİTESİ - SBM COLLABORATION

New Project for Tacklıng Insurance Fraud

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 Sabanci University Chancellor Prof. Dr. A. Nihat Berker. In his speech, Mr. Berker emphasized the importance that Sabanci 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".

Fraudster Profiles will be Determined

Sabanci University Big Data Behavioral Analysis and Visualization Laboratory Directors and Sabanci 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."

Analytical Models Unique to Turkey

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. Aydin Satici said, "With this collaboration between SBM and Sabanci 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 honest beneficiaries".

Big Data Behavioral Analysis and Visualization Laboratory

The project will be carried at Big Data Behavioral Analysis and Visualization Laboratory of Sabanci University which is the first and only such laboratory in Turkey. The laboratory was founded in partnership by Sabanci 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.​

Hayatımız Sigortalı Magazine

INSURANCE FRAUD TO BE PREVENTED BY DATA, THE HEIR TO THE THRONE OF OIL

SBM CEO Aydın Satıcı stated that as a result of the collaboration with Sabancı University Big Data Behavioral Analysis and Visualization Laboratory, data which has become as valuable as oil now will be used to reveal fraud interactions.

As one of the biggest problems facing the global insurance industry, fraud not only harms insurance companies but also increase the burden of honest beneficiaries as a result of increased costs to the system and these increased costs are reflected to the policies of honest beneficiaries. In other words, beneficiaries end up having to pay higher premiums.

Insurance Information and Monitoring Center (SBM) which established the Fraud Prevention Bureau (SISEB) will determine the profiles and conditions resulting in insurance fraud using data analytics methods as part of the  "Project for Big Data Analytics for Fraud Detection in Insurance Industry" to be carried out in cooperation with Sabancı University.

The collaboration project in question will be carried out at Sabancı University Big Data Behavioral Analysis and Visualization Laboratory. The signature ceremony for the project was held at Karakoy Minevra Palas on Friday, March 4th 2016.

Sabanci University Chancellor Prof. Dr. A. Nihat Berker who delivered the opening speech of the ceremony stated that insurance is an amazing invention and that insurance is the assurance for sustainability in society and individual life. Berker also stated that Sabancı University placed great emphasis on university – industry collaborations.

"Fraud should be prevented to create financial resources "

SBM CEO Aydin Satici stated that SBM acts as the data hub of the insurance industry and can report policy and claim data instantly and that the Center is among the few institutions in the world with such capability. Satici also mentioned that the related project is the first and only of its kind in the world and that today, data is as valuable as oil. Satici stated that SBM processes this data to create a new kind of added value and that thanks to the fraud prevention project, beneficiaries will pay lower claims, thus lower premiums.

Satici stated that total annual premium volume generated by the insurance industry is 30 billion TL and that its share in GDP (Gross Domestic Product) is 1.5%. Satici resembled the small share of the industry to an atom particle and said, "We see that total value of risk covered by the insurance industry is 80 trillion TL and that corresponds to a GDP of 30 years. This atom particle crumbles into pieces as the nucleus grows and the energy released covers all risks." Satici also added that in order to provide financial support to the sector, insurance fraud should be prevented.

Analytical Data to Reveal Fraud Relations

Sabanci University Big Data Behavioral Analysis and Visualization Laboratory Directors and Sabanci 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."

On the other hand 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. Data visualization methods and tools to be applied to SBM data will provide us with valuable hints for comprehending an intense data network."

Universities are R&D hubs

Satici stated that universities and corporations work in close collaboration abroad and especially in USA, and said "Universities are the heart of R&D and innovation. And in that sense, with the collaboration we formed with Sabanci University, we aim to tackle insurance fraud which is one of the major cost items in the sector."​

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