How to achieve Touchless Trust and immediate STP acceptance of good risk profiles
Painting a clear and correct picture of the customer in a fully-automated, real time manner, taking into account the different products, product categories and different types of distribution channels
FRISS Underwriting Analytics
Touchless trust and immediate STP acceptance of good risk profiles.
Higher efficiency, time savings and customer satisfaction.
RISK is an insurtech service provider for brokers, online labels, start-ups and insurers. They serve over 100.000 MGA clients with their team of 130 people. RISK helps anyone who wants to focus on advice, distribution and while outsourcing other business functions. Through various RISK distribution channels, several hundred thousand customers are provided with one or more purchased products or services each year.
Customers trust RISK whenever they search for a financial product, including insurance coverage. This trust forms the basis for a lasting relationship. Trust also means that RISK does everything in its power to limit fraud. Unfortunately, a small group abuses this trust and attempts to commit insurance fraud. RISK does not tolerate any form of fraud and therefore does everything in its power to investigate and prevent fraud Fraud detection and accurate customer risk assessment are also crucial, whether performed by the broker who ‘visibly’ meets the customer in person or the chatbot dealing with a customer ‘invisibly’. In all cases, the risk assessment must be clear, complete and correct and must always occur before onboarding the customer. That is why FRISS is an essential part of the chain for RISK.
“Fraud detection and proper risk assessment by the customer are crucial.”
The strength of FRISS lies in the options they provides to carry out the correct risk assessment of the customer. The FRISS Hybrid model, which combines Artificial Intelligence (AI) with hundreds of knowledge-based rules and a multitude of internal and external data sources, provides considerable flexibility to switch sources on or off where needed. The Value Cycle Analysis that FRISS performs for RISK free of charge means the platform always improve over time.
RISK developed an industry-unique cloud-based Insurance-as-a-Service platform. It ensures insurance coverage can be calculated, compared and purchased in a fully automated manner, according to the straight-through processing principle (STP). The platform is designed for both online and offline markets and is used in various distribution channels, such as websites, insurance brokers, apps and chatbots. The complexity of the platform ensures that RISK has a clear working method for applications and the assessment of insurance. At the same time, the different products and product categories, as well as the different types of distribution channels, have to be taken into account. The content must be the same while the form is different. Contact is made with external parties at various points in the underwriting, claims handling, invoicing and document creation processes.