FRISS: Fraud, Risk & Compliance – Supporting honest insurance
DIAmond winner of 2017 FRISS has 100% focus and dedication to fraud, risk and compliance for non-life insurance companies worldwide. FRISS helps insurers to achieve profitable portfolio growth and improve their perception in the market as a trustworthy insurer. FRISS is a ready-to-use business solution and improves the combined ratio of non-life insurers up to 5%, with a ROI within 12 months, by identifying high risks and fraud at application, underwriting and claims across all private and commercial lines. The FRISS® Score enables better decisions since it indicates the risk for each quotation, policy or claim. FRISS is the leading expert with 100+ implementations in over 15 countries.
Software platform for insurance fraud and risk
Insurance fraud is a serious issue for the entire insurance sector. Payment of fraudulent claims has a negative effect on the loss ratio and on insurance premiums, which results into a competitive disadvantage. Moreover, investigating ‘false positives’ takes a huge amount of time and unnecessary costs. Fraudsters are getting smarter in their attempts to evade the insurer’s radar. As a consequence, money flows to the wrong people and thus combined ratios are under pressure. Most insurance companies focus on the growth of their portfolio and less on its quality. It is important to have a clear picture of potential customers before they enter your portfolio. You should decide on the amount of risk you are willing to take in and to have the ability to adjust the screening to your pre-determined risk profile at any time. This way, you will keep control over your portfolio and maintain the optimal balance between quantity and quality.
FRISS helps insurers to improve their combined ratio in order to achieve profitable portfolio growth and enhance the perception in the market as a trustworthy insurer. FRISS believes in honest and fair insurance premiums, for everyone. Inshared, Interamerican and Reaal are just a few examples of insurers who uses FRISS.
During DIA Amsterdam 2017, FRISS announced the official start of the Image InsurancePool.eu. This portal offers the option for Insurance companies to share and benefit from the combined knowledge in the InsurancePool.eu. The first step is Image Analysis. In the future FRISS will launch multiple sharing options.
Ready to use business solution
FRISS is live in 8 weeks and has a ROI within 12 months, due to the experience with 100+ implementations at insurers. Customer specific configuration is the main part. Rather than general purpose analytic software or homegrown systems that have to be built from scratch, FRISS® is largely prebuilt and therefore a ready-to-use business solution.
- Underwriting: risk assessment
- Claims: fraud detection
- Compliance: screening
The detection system provides an accurate estimation of the fraud and risks with the aid of expert rules, profiles, predictive models, text mining and link analysis together with all available information in more than 100 external data sources. Based on this estimation, a risk score is given (the FRISS Score). The higher the score, the higher the potential risk of fraud.
As a proven standard the FRISS Score enables better decisions. It is the core of the solutions and indicates the risk for each quotation, policy or claim. FRISS cares for its customer before, during and after implementation. The FRISS Learning Cycle supports a journey of continuous improvement to sustain for the future.
Why we selected FRISS for DIA Munich
Insurance fraud is a serious issue for the entire insurance sector. FRISS really helps insurers with innovative ways to prevent abuse and reward integrity. FRISS believes in honest and fair insurance premiums, for everyone.
CTO Christian van Leeuwen of FRISS demonstrated in a live demo how a damage form is replaced by just one picture. He showed how an image can be used efficiently and accessible in insurance processes. The use of photographs within claims provides the insurer with location, date, time, vehicle data and impact of the image analysis. Multimedia serves as fraud prevention. With this presentation FRISS won a DIAmond award.
Who is FRISS?
FRISS is founded in 2006 by Jeroen Morrenhof (CEO) and Christian van Leeuwen (CTO). Both founders worked over 20 years for the insurance industry. The company has been built upon the strong belief that committing fraud is unacceptable. The mission of FRISS is to support honest insurance worldwide. By working every day to build the best FRISS Score they want to prevent abuse and reward integrity.
The FRISS team
Presenter: Philip van Waning
Presenter: Ron Vermeulen
Contact info: Yoram Elzas
Email: [email protected]