FRISS: Reinstating trust in insurance
FRISS enables insurance companies to detect fraud, assess risk and ensure compliance. The leading expert in fraud detection and risk mitigation for P&C insurance companies worldwide leverages the potential of AI to automate fraud and risk detection. The ready-to-use business solutions for underwriting, claims and SIU combines analytics, AI and machine learning techniques with expert knowledge from 150+ implementations at insurers.
As an established insurtech FRISS uses their vast industry knowledge to build models that suit the purpose. FRISS turns data into actionable insights.
The Underwriting solution enables insurers to:
- Know Your Customer before they enter your portfolio
- Prevent bad risks by combining AI and machine learning analytics
- Enable straight through processing (STP)
- Deliver seamless customer onboarding in a split second
The Claims solution:
- Uses AI powered fraud detection to make an accurate estimation of the risks related to a claim
- Automatically detects insurance fraud before claims are paid
- Reduces the loss ratio by increasing the chances of fraud detection at claims
- Limits false positives to a minimum
The SIU solution:
- Improves investigators’ possibilities to manage workloads and register all findings
- Recognizes and connects the dots between files, take adequate measures and to report in a structural manner
- Enhance the flexibility of customized case registration, by line of business and even on investigator level
The FRISS Scores combines AI and machine learning techniques with expert industry knowledge and 10+ years of experience in working with insurers. The scores are delivered as XAI (explainable AI) in a whitebox, so it is crystal clear how the score was compiled so non-technical staff can explain it.
- The solution has a track record of short and successful implementations at insurers around the globe.
- FRISS has years of insurance experience in house. A great number of the 125 employees has worked at insurance companies.
- Seamless integrations into any core insurance system: Proven Accelerator with Guidewire and Duck Creek, Keylane and many more
- 150+ implementations at insurance customers in 35+ countries.
How it works
Why we selected FRISS for DIA Amsterdam
Everyone looks for AI to be the holy grail and at the same time everyone is struggling in deploying AI models and data pipelines to production. By integrating AI models in the FRISS Score, customers can start leveraging the power of AI. At DIA we believe FRISS will 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.
In the Show & Tell they will show how they empower data science teams to put the customer value model into production as part of the FRISS score.
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.
Now they have offices in The Netherlands (Utrecht), USA (Chicago), Germany (Cologne), France (Paris) and Chile (Santiago de Chile) and are European market leader. In December 2017 they received a Series A investment of €15m by Blackfin Capital Partners and Aquiline Capital Partners. FRISS works with strategic and alliance partners around the world.
“We noticed that fraud was not on the agenda of insurers and that if we wanted to do something about it, we had to do it ourselves. We spoke with senior executives and learned that insurance companies would just raise their premiums to tackle the challenges of fraud, resulting in a lot of money flowing to insincere, dishonest people. Making insurance more honest was our driver to found FRISS, and it is still our mission today.” Jeroen Morrenhof, FRISS CEO 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)