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Using IBM Analytics, Santam Saves $2.4 Million in Fraudulent Claims

By Guest PostMay 9, 2012Technologyafrican continent, algorithmics, analytics software, anesh govender, clarity, fraud, fraud syndicate, i2, ibm, insurance company, olrac spsolutions, openpages, rich holada, risk, santam, South Africa, spss

Analytics Software Enhances Insurer’s Ability to Resolve Claims Faster

Johannesburg, South Africa – 09 May 2012: IBM today announced that Santam, South Africa’s leading short term insurance company, has saved $2.4 million on fraudulent claims in the first four months of using IBM business analytics software. The analytics software has enhanced Santam’s fraud detection capabilities and also enabled faster payouts for legitimate claims.

“IBM and OLRAC-SPSolutions have helped us build a solution that has not only transformed our claims processing methodology in terms of speed and efficiency, but also provides new insight which helps us identify false claims more quickly, which protects our business and customers,” said Anesh Govender, Head of Finance, Reporting and Salvage at Santam. “The solution has delivered a full return on investment and also helped uncover a motor insurance fraud syndicate in less than 30 days after the system went live.” (more…)

IBM Completes Acquisition of Algorithmics

By Guest PostOctober 21, 2011Technologyacquisition of algorithmics, advanced analytics capabilities, algorithmics, analytics capabilities, analytics technologies, bluecrest, data, financial risk, financial services industry, hsbc, ibm, integrated risk management, london, nedbank, nomura, openpages, rob ashe, scotia capital, societe generale, the allianz group, toronto

ARMONK, N.Y. – 21 Oct 2011: IBM today announced the closing of its acquisition of Algorithmics. The acquisition expands IBM’s business analytics capabilities in the area of financial risk. Algorithmics provides software and services for improved business insights at banks and investment and insurance organizations to assess risk and address regulatory challenges. The purchase price is $380.2 million

Algorithmics’ capabilities, combined with IBM’s recent acquisition of OpenPages, gives clients a full array of financial and operational risk technology offerings and services to help with these challenges. The ability to gain granular insight into financial risks in advance provides businesses with critical information vital to their operations. (more…)

IBM Completes Acquisition of OpenPages

By Guest PostOctober 21, 2010Technologyacquisition, allianz, barclays, business intelligence platforms, carnival corporation, clarity systems, duke energy, enterprise governance, gartner magic quadrant, ibm, it governance capabilities, magic quadrant, manage risk and compliance activities, openpages

IBM Corporate Headquarters, Armonk NY. Image credit: IBM

ARMONK, N.Y., – 21 Oct 2010:

IBM (NYSE: IBM) today announced that it has completed its acquisition of OpenPages, a leading provider of software that helps companies more easily identify and manage risk and compliance activities across the enterprise through a single management system.

IBM’s approach to risk management will help organizations drive better business outcomes, lower the cost of risk management and compliance activities, better allocate resources and reduce risk of loss. When coupled with IBM’s services capabilities, systems management, security, information governance and other IT governance capabilities, clients will have an accurate and actionable view of the risks that might otherwise undermine enterprise performance.

In related news today, IBM announced it has acquired Clarity Systems to further expand its business analytics portfolio and help complete the most comprehensive and deep set of solutions for financial analytics and optimization. (more…)

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Using IBM Analytics, Santam Saves $2.4 Million in Fraudulent Claims

IBM Completes Acquisition of Algorithmics

IBM Completes Acquisition of OpenPages