MASON, OH – July 27 2021 – Hi there, my name is Jeroen Morrenhof, CEO and co-founder of FRISS, the most widely adopted AI powered fraud prevention and detection solution for P&C insurers worldwide. Today I’m excited to announce that we’ve officially closed our $65 million Series B funding.
Led by AKKR, advised by FT Partners, and supported by our existing investor, Aquiline, FRISS is now able to further expand our promise of making insurance more honest!
But what does that really mean? We’ve all gotten used to hearing about these announcements. How does that change life for you as a part of the FRISS family, though – whether that be as a customer, a partner, or an avid follower? So, I’ve brought a few people from the team to help me explain.
The AKKR perspective: help grow an innovative company
“Insurance fraud is a massive problem that is increasing in a digital world, and FRISS delivers a differentiated solution by pairing cutting-edge technology and a rich data ecosystem with years of deep industry knowledge and a strong understanding of the customer’s needs,” said Joe Porten, Principal at Accel-KKR and incoming board member at FRISS. “Accel-KKR has a strong track record in partnering with great entrepreneurs to accelerate growth and create market-leading technology companies. We are excited to support FRISS in the company’s next phase of growth.”
A sales perspective: protect the insurance industry from fraud
“Brandon Yusko, head of sales for the North American region here. Thanks to our Series B, FRISS will be able to offer better solutions to every carrier we come across. Our end-to-end solutions already saved the industry over $2 billion in 2021, and our NPS score of 46 means our very low churn directly equates to the great partnerships we have with our customers. Our goal is to protect the industry and further improve our value cycles, because we’re all in this race to end fraud together.”
A product perspective: end-to-end solutions
“This Series B funding means that we are able to further productize. We want to enhance our next generation artificial intelligence, creating technology that deeply integrates, automates and enhances every single aspect of risk and fraud management in P&C insurance. This is part of our mission deliver swift service to policyholders and at the same time, recognize the ever-changing nature of fraud”, adds Niek Verdoes, product manager of Claims at FRISS. “Our real-time detection engine that delivers fully explainable, AI-powered alerts already delivers the lowest false positive rate on the market. We will now be able to further optimize our hit rate and expand our ability to fast-track low risks. We will continue to be able to secure end-to-end fraud fighting support from underwriting, through claims and special investigations, supporting every carrier’s individual growth.”
A data science perspective: maximize effectiveness of AI
“This funding gives our team the chance to apply even more next generation artificial intelligence to our products,” says Nienke van ‘t Klooster, FRISS data scientist. “We’ve always leveraged internal expertise to evolve with the latest technology, and thanks to Series B, we will be equipped to augment that. We will be able to amplify our solutions’ strength with greater fraud analytics, maximizing their effectiveness and ensuring that we all stay ahead of the projected rise in fraud.”
A PMO perspective: leverage deep industry knowledge
“At FRISS, I’m responsible for PMO”, says Marloes Rutgers. “I’m devoted to the smooth onboarding of new customers, by closely aligning my colleagues from our customer excellence department, with our new customers’ teams. Together, we’re committed to delivering up to 10 times ROI and tailoring products to fit our clients’ specific risk appetites, to ensure instant-on protection from high risks and fraud. This funding gives us the opportunity to further evolve and hire more people with deep industry knowledge and expertise, who can act as trusted advisors, to make a safe digital transformation attainable for everyone.”
A marketing perspective: sharing industry insights
“As a field marketing manager at FRISS, this funding gives our team a chance to produce more thought-leading insights on market trends and technology, and design events for you individually”, says Paola Bellisimo. “As a part of this Series B, we will be able to allocate more time to connecting with our industry, working with our partners, and creating even more relevant content to keep you up to date with our market. We want FRISS to be your one-stop-shop for any, and all, of your fraud prevention and fraud detection needs and are here to serve the fraud fighting community by sharing our wealth of knowledge”.
Let’s accelerate business
To conclude, I’d like to emphasize that we’ve been around for 15 years and completed over 200 implementations, continuing to evolve with market trends and customer appetites. We are very well established with a strong foundation, and Series B will allow us to be more successful, leverage and grow our expertise, and remain flexible for our customers and the ever-changing market. With all the knowledge that we’ve gained from our presence in the industry, FRISS can’t wait to utilize that through this next step, taking us even further and bringing every member of the FRISS family along with us for the ride.
Accel-KKR is a technology-focused investment firm with over $10 billion in capital commitments. The firm focuses on software and tech-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. In 2019 and 2020, Inc. named Accel-KKR to “PE 50 – The Best Private Equity Firms for Entrepreneurs”, its annual list of founder-friendly private equity firms. Accel-KKR is headquartered in Menlo Park with offices in Atlanta and London. Visit accel-kkr.com to learn more.