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SBM CEO Aydın Satıcı states that the collaboration with Sabancı University Big Data Behavioral Analysis and Visualization Laboratory will reveal fraud relations of "data" the new alternative to oil.

Insurance Fraud is one of the biggest problems of the insurance industry all across the world. Fraud hurts not only the insurance companies but also the beneficiaries take share as well. Insurance companies get crushed under the burden of additional cost brought about by fraud while additional costs are reflected to the policies of beneficiaries, meaning that the beneficiaries end up having to pay higher premiums. Insurance companies strive to detect insurance fraud using their own means and resources however it is not possible for them to capture the whole picture. Insurance Information and Monitoring Center (SBM) which established Fraud Prevention Bureau (SİSEB) to tackle organized insurance fraud, will use data analysis methods as part of the "Big Data Analytics Projects to Detect Insurance Fraud in the Insurance Industry" carried out in collaboration with Sabancı University, to detect beneficiary profiles and conditions that result in insurance fraud instances.

The collaboration in question will be brought to life at Sabancı University Big Data Behavioral Analysis and Visualization Laboratory. The signature ceremony for the project was held at Karakoy Minerve Palas on 4 March 2016.

"Insurance brings sustainability to the society"

Having delivered the opening speech of the ceremony, Sabancı University Chancellor Prof. Dr. Nihat Berker stated that insurance is an amazing invention that brings sustainability both the society and the individuals. Berker stated that Sabancı University places great emphasis on sector-university collaborations and said, "It is either you or others who benefit from big data".

"The industry is like an atom particle"

SBM CEO Aydın Satıcı 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. Satıcı 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. Satıcı 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.

Satıcı 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%. Satıcı 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." Satıcı also added that in order to provide financial support to the sector, insurance fraud should be prevented.

Universities are innovation hubs

Satıcı 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 Sabancı University, we aim to tackle insurance fraud which is one of the major cost items in the sector."

Analytical Data to Reveal Fraud Relations

Sabancı​ University Big Data Behaviroal 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."

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