FRISS Platform: 100% focus on fraud, risk and compliance for P&C insurers
DIAmond winner of 2017 FRISS has 100% focus and dedication to fraud, risk and compliance for non-life insurance companies worldwide. The FRISS Platform combines industry knowledge, AI and machine learning techniques to detect and prevent fraud. Their ready-to-use products include, risk assessment: fraud evaluation of customers at point of underwriting & Claims fraud: automated fraud detection during claims process, making an objective estimation of the risks related to a claim. The SaaS platform generates the ‘FRISS Score’, which indicates the risk for each quotation, policy or claim, allowing insurers to increase the number of proven frauds and lower the loss ratio. It supports straight through processing (STP), fast track claims digitisation.
Friss has a unique global footprint with 130+ implementations in over 25 countries.
100% focus on the P&C industry
FRISS has a 100% focus on the P&C insurance industry and solves, amongst others, the following challenges:
- detect more fraud via integrated and automated fraud detection in core processes
- being able to reveal details of relations between claims (brokers, experts, insured, drivers, etc)
- raise fraud awareness in the company and design processes to follow-up and monitor fraud
- raise customer satisfaction by being able to faster process claims
- raise profitability (lower combined ratio).
FRISS’ system is largely pre-built and ready-to-use, without-the-box indicators and scoring mechanism. The solution is easy to deploy integrate into any core system. Technical go live is possible within 2 weeks. Set-up and testing by running historical data through the system would typically take 2-3 months, in which the first risk indicators are delivered. These need to be finetuned. After go-live, FRISS has a value-cycle methodology to keep the scores as accurate as possible.
How does it work?
The FRISS Platform scores each policy application or claim with available client data, object data and/or risk data.
The FRISS Score is a whitebox:
The platform architecture looks as follows:
Why we selected FRISS for DIA Amsterdam
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.
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. Key Investors are Blackfin Capital Partners & Aquiline.
Investment to date: €17millon. FRISS works with strategic and alliance partners around the world.
Last year they won the top prize of $1.5 million dollar in the final round of the VentureClash competition that was run by Connecticut’s’ strategic venture capital arm Connecticut Innovations at Yale School of Management.
Jeroen Morrenhof, CEO FRISS
”2018 and the coming years will be exciting because we remain ambitious and our goals are achievable. We have a great group of highly dedicated employees, who work with enormous energy and creativity on finding solutions for our customers. I expect that the growth we are now experiencing and our goal to develop the FRISS Score into the global standard will mean that our company will expand to around 250 colleagues in a few years’ time. In this way we can contribute globally to honest and affordable insurance for everyone.” Jeroen Morrenhof, CEO FRISS
The FRISS Team: