The insurance industry is changing rapidly. Innovation is key. The most powerful innovation is achieved by young insurtech companies, and insurers are taking notice. 76% already have one or more insurtech partners and 53% invest directly in technology start-ups1. FRISS is one such insurtech company. Thanks to solutions driven by Artificial Intelligence, FRISS ensures that insurers can achieve responsible growth.
Making insurance more honest
Jeroen Morrenhof (CEO) and Christian van Leeuwen (CTO) formed FRISS 13 years ago. They saw that many insurers had not sufficiently developed their fight against fraud and that ultimately the customer paid the price for this.
“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,” said Morrenhof. “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.”
FRISS enables improving the customer experience by helping insurers give each customer the service he or she deserves. Fortunately, 97% of insurance customers are honest. Through extensive automation of risk assessment, these honest customers can be quickly accepted and/or have their claims paid without unnecessary hassle. Suspicious cases can be investigated immediately with the benefit of actionable insights.
Collaboration with renowned partners
Success would not be possible without the trust of our customers, and collaboration with renowned partners reinforces the FRISS effect even further. Integrations into core insurance systems such as Guidewire, Duck Creek, Keylane and others ensure the seamless detection of fraudulent claims. FRISS works closely with Munich Re, which coordinates reinsurance and collaboration with FRISS for insurance companies, particularly in Latin America.
Benefits both company and customer
Insurance companies that use the FRISS Score in their risk analysis and claims assessment quickly reap the benefits. The results can be significant:
- Reduction of the loss ratio
- Digitizing and automating processes
- Time savings for risk assessment and acceptance
- Increasing the effectiveness of fraud investigations
- Overall fraud alertness
- Improving speed and customer satisfaction
Customers expect and deserve fast acceptance, quality service and quick claims handling. This is possible with AI-powered risk analysis and claims assessment. When routine work is left to automation, employees can concentrate on more complex and interesting cases, where human insight and judgement must be the deciding factors. As an added benefit, working for an insurance company becomes a lot more interesting and even enjoyable.
AI is the engine
Innovation is the key to continuity and growth. Future-proof developments are only possible using actionable artificial intelligence, a fact most insurers are aware of by now. Innovation is a way of life for FRISS. We want our customers to fully reap the benefits through pleasant and close collaboration. FRISS stands for honest insurance, and we are making the FRISS Score ready to be the worldwide standard. We do this together with our customers as well, hence our motto: “Together we make insurance more honest.”
1Source: Celent Insurance Innovation Outlook 2019