Munich Re which one of the leading reinsurers in the world, has opted to deploy SAS in order to achieve the goal of its Big Data strategy. Business units and specialist departments across verticals are all set to use the SAS platform in order to carry out critical functions like forecasts, analyses, pattern recognition and simulations.
The SAS software suite automates the whole process of acquisition as well as analysis of content derived from complex contracts as well as claim notifications. Having access to a large pool of data the company is better placed to innovate by making use of Big Data analytics. This will let it offer new and customized offers or proposals, Put in place for access throughout the world, the Analytics platform from SAS comes into play by accessing a considerable number of internal and external sources of data. Its flagship in-memory tech makes it possible to analyze huge data quantities of data interactively so as to be able to find new correlations that would otherwise be impossible to recognize in the absence of highly advanced tools for analytics. The in-database processing model allows development and management of data models to be directly run from the database itself. This in simple terms translates to that the analyses are our in the platform SAP HANA or its open-source counterpart, the Hadoop framework. These tools enable analysis of unstructured text data in massive quantities.
The factors which turned the decision for Munich Re in favor of SAS were the speed at which the analyses were carried out, the upward graph in the tech graph, the performance of the team for SAS overall and the ability of the system to deliver and deploy results swiftly.
The CEO for Munich Re Torsten Jeworrek attributed the success of their analysis of data to it and added that it contributed significantly to the value gotten by their customers. He also forecasted that with the adaptation of these new technologies the ability of Munich Re to combine the customer data and compare it with the expert knowledge and findings of the company.