Digital Insurance Agenda

FRISS: Leveraging insurance fraud detection for safe digital transformation

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Jan 5, 2021

Wondering what it is like having all of your most experienced experts looking at every single claim in a consistent fair and unbiassed way, every single time, in a split second? Then you should definitely get to know FRISS. FRISS detects fraud, mitigates risks and supports digital transportation for P&C insurance companies worldwide. The company turns data into actionable insights.

FRISS’ AI-powered detection solutions, insurers go live within 4 months, realize up to 10 times ROI and 80% increase in straight through processing of policy application and claims. Their solutions for underwriting, claims and SIU already help 175+ insurers in 43 countries to grow their business by lowering loss ratios, enable profitable portfolio growth and improve customer experience. A great example is their customer UNIQA, who received a Celent Model Insurer Award in the category Data, Analytics and AI for their Anti-Fraud initiative powered by FRISS. They saved €18 million within one year, increased fraud savings per investigator with €1.2 million and enabled fast track claims for a superb customer experience.

FRISS’ fraud detection solutions
The Underwriting solution enables straight-through underwriting data-driven decisions and mitigates risks with a uniform and data-driven screening, helping insurers to:

  • Avoid defaulters and high risks easily
  • Monitor compliance continuously
  • Make consistent, unbiased and reliable screenings
  • Minimalize operational costs
  • Balance between quantity and quality of portfolio growth

The Claims solution enables claims segmentation and touchless claims with AI-Powered fraud analytics to accurately estimate the risks of every claim, helping insurers to:

  • Direct bottom line savings
  • Get real-time actionable claim insights
  • Increase hit rate & avoided claims
  • Enable frictionless customer experience
  • Monitor proactive claims

The SIU solution is the optimal tool to manage all fraud investigations centralized to improve fraud operations from one system, helping insurers to:

  • Build structured and confidential facts for all flagged claims
  • Create instant-on and user-friendly case management solution
  • Reveal hidden patterns and quickly determine the best next steps
  • Securely exchange fraud information with other organizations
  • Get the full picture of each case
  • Stay ahead of evolving fraud schemes

How it works

FRISS runs the information from their customers combined with external data sources through our self-learning AI fraud models. These models compare the claim information to known fraud patterns and evolving fraud patterns. Anything that flags is immediately available to the claims adjuster.
Next to that, FRISS builds complex networks, so they can see any suspicious connections between people, assets, medical providers, third parties, etc. They are the only vendor in this space that are able to do this in real time, so you catch every suspicious element right away.
And finally their clients can give them feedback which is used to immediately retrain these models, so the AI models are literally getting smarter every single day with every single claim. 

The good thing for the adjusters is they can all do that without leaving the core system environment that they know. FRISS connects seamlessly to Guidewire, Duck Creek, Keylane, Sapiens, SISnet, SISTRAN and others. Looking at the FRISS score, determining the next best action, taking that action and giving feedback. And this can be done automatically – so claims can be fast tracked for automatic payment, assigned to a more senior adjustor, flagged for subrogation – this makes it really easy.

Why we selected FRISS for DIA Prime Time
The pandemic has pushed insurers to digitalize, ready or not. Whether or not insurers are able to tackle the serious problem of insurance fraud now, which also saw an increase during the pandemic, depends on whether they are able to find a digital way of working. DIA believes companies like FRISS are the key example of how insurers can benefit from digital ways of working. FRISS can help and redefine the way insurance companies, on a global scale, manage fraud and related risks, using the latest developments in artificial intelligence, data analysis and insurance scoring.

Who is FRISS?
Now an established Insurtech with solutions implemented my more than 175 companies, FRISS first started in 2006. By 2018, their investment was €18 million with by Blackfin Capital Partners and Aquiline Capital Partners as their key investors. FRISS was founded in The Netherlands, but now also holds offices in Offices in USA (Chicago), Germany (Cologne), France (Paris) and Chile (Santiago de Chile).

“We are working very closely with our customers to keep the risk and fraud schemes relevant and up to date. With this drive I am proud that last year our customers have been able to save more than $1bn. Let’s not wait for what COVID-19 brings us, but pro-actively start fighting fraud. Your honest customers deserve it.” Christian van Leeuwen, CTO and co-founder



From left to right: Jeroen Morrenhof (FRISS CEO), Maxime Mandin (Investment Director, Blackfin Capital Partners), Michael Cichowski (Investor, Aquiline Capital Partners), Christian van Leeuwen (FRISS CTO)

www.friss.com/

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