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European insurers losing billions to fraud because of outdated methods: SAS

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SAS Institute Inc. has said that European insurers are probably losing billions of dollars annually from fraud because of outdated fraud detection methods, and the gap between detected and actual fraud is widening, Computerworld UK reported.

The analytics software company's director of insurance fraud solutions, David Hartley, said undetected insurance fraud is costing the U.K. alone an estimated £2.1 billion ($3.4 billion) every year. Mr. Hartley said the use of manual fraud detection processes is among factors hampering European insurers.

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