FRISS: Real-time, data-driven insights to flag risks throughout the entire policy lifecycle
While trust is important in any industry, it’s of ultimate importance in the insurance industry as it is the very concept that insurance is built on. For this industry, trust is everything. And it’s as complex and delicate as the relationships it connects.
Because of a few bad apples, the industry is used to run on distrust by default. FRISS sees a better way: simply trust automation. Thereby empowering insurer’s employees to focus on providing fast and reliable services, without burning them out on error-prone, manual tasks.
FRISS is an insurtech providing Trust Automation for P&C insurers. Real-time, data-driven scores and insights give instant confidence and understanding of the inherent risks of all customers and interactions. Trust Automation allows insurers to confidently manage fraud-prone processes throughout the insurance value chain – from the first quote all the way through claims and investigations when needed.
Thanks to this technology, trust can be normalized throughout the organization, making sure that the company implements a consistent processes to flag high risks in real time. As a result, insurers can start building the relationships that customers demand and deserve.
Automated risk assessment helps insurers enhance their underwriters’ capabilities which results in cost reductions throughout the underwriting process, fraud prevention, and automation of risk assessment. This facilitates a smooth and fast customer journey and helps insurers maintain a healthy portfolio.
In claims handling, the software enables claims segmentation. With on the one hand an improved customer experience by paying legitimate claims faster. And on the other hand, automatically detecting insurance fraud before claims are paid.
With over 300 implementations across more than 45 countries, FRISS offers technology that act as a trusted advisor, accelerating a safe digital transformation for FRISS’ customers. Its solutions can be tailored to fit their clients’ specific needs, making sure that insurers have a seamless integration into their core processes and product, thus a quick time to value (TTV).
How does it work?
FRISS solutions are all about living up to the FRISS Score, which is AI-Powered Insurance Fraud Detection. This software automatically detects suspicious claims, based on predictive models, text mining, revealing networks and discovering hidden patterns.
Why did we invite FRISS to present at DIA Munich 2022?
Today’s digital world is a fraudster paradise, yet an insurer nightmare. And with 18% of all claims said to contain elements of fraud, it is not a victimless crime. FRISS protects insurers by enabling safe digital transformation straight from their core systems to make insurance more honest, grow healthy portfolios and increase customer satisfaction. With real-time analytics it helps reaching both operational excellence and an optimized customer experience.
At DIA Munich 2022, Bas de Graaf, Global Partner Manager FRISS, will present how FRISS was seamlessly integrated into a core claims solution provider, msg.nexinsure. This integration is aimed to make the life of claims handler easier, making sure they get real-time actionable insights of the claim. Resulting in a higher productivity, better service and better referrals.
Who is FRISS?
FRISS is an established Insurtech, provider of Trust Automation for P&C insurers. The company was founded in 2006 by CEO Jeroen Morrenhof & CSO Christian van Leeuwen
It is funded through a €15m Series A in December 2017, by Blackfin Capital Partners and Aquiline Capital Partners and a $65 Million Series B Funding in July 2021, led By Accel-KKR.
The company has offices in The Netherlands (Utrecht), USA (Mason), Germany (Cologne) and UK (London).
“In today’s world, we are quick to assess how we are treated in personal interactions with a company. Technology can be used to help in the process. It allows for standardization of high volume processes, while allowing trained staff to provide feedback and support when necessary”Christian van Leeuwen, FRISS Co-Founder and CSO