Samsung Life Insurance selects ILOG BRMS for its Advanced Insurance Fraud Detection System
ILOG® (NASDAQ: ILOG; Euronext: ILO, ISIN: FR0004042364) today announced that ILOG JRules®, a key offering in ILOG’s business rule management system (BRMS) product line, has helped leading South Korean insurer Samsung Life Insurance identify fraud much faster through the creation of an advanced Insurance Fraud Detection System (IFDS). In addition to contributing to greater automation of the fraud detection process, ILOG JRules has shortened the inspection time for processing 10,000 claims from two weeks to just one day.
Similar to other countries in the Asia Pacific region, many of South Korea’s insured are entering retirement age. With escalating insurance policy adoption, there is an increased potential for insurance fraud. According to a statement from the Korean Financial Supervisory Service, the number of detected insurance fraud cases increased 46.4 percent in 2006 compared to 2005. Additionally, the trend for financial fraud crimes, such as insurance fraud, lost card fraud and tax evasion, is becoming more diversified and complicated.
Similar to other countries in the Asia Pacific region, many of South Korea’s insured are entering retirement age. With escalating insurance policy adoption, there is an increased potential for insurance fraud. According to a statement from the Korean Financial Supervisory Service, the number of detected insurance fraud cases increased 46.4 percent in 2006 compared to 2005. Additionally, the trend for financial fraud crimes, such as insurance fraud, lost card fraud and tax evasion, is becoming more diversified and complicated.
Utilizing the ILOG JRules, Samsung Life can draw upon the knowledge accumulated from past insurance fraud management work and translate that knowledge into business rules that can be managed and executed by the BRMS, reducing the instances of fraudulent claims.
"Utilizing BRMS, we shortened the inspection process for processing 10,000 claims per day from 2 weeks to 1 day. The field workers can apply the new rules in real time. The more I get to know about the more advanced functions of ILOG BRMS, the more I am impressed by this incredible technology."
-Dongchul Park, Senior Manager, Claims Inspection Section,
Samsung Life Insurance.
Samsung Life Insurance.
ILOG also released its newest product ILOG CPLEX® 11, the latest version of ILOG’s market-leading optimization software with faster Mixed Integer Programming (MIP) performance. The enhanced performance enables the software to address complex real-world business requirements involving larger, more complicated problems that were often unsolvable by previous generations of optimization software. CPLEX 11 is also the first product on the market with the ability to return multiple MIP solutions out-of-the-box, supporting critical decision-making processes, especially in challenging manufacturing or transportation applications, where multiple or alternative plans or schedules must be considered.
ILOG CPLEX, the world’s most widely-deployed optimization software, improves business efficiency and decision making by allowing businesses to calculate the best utilization of existing resources and implement an action plan that can potentially deliver millions of dollars in savings. CPLEX is used to solve an array of optimization problems in industries as diverse as financial services, transportation and manufacturing in functions ranging from asset management, airline crew scheduling, vehicle routing and production planning.
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