How to achieve Touchless Trust and immediate STP acceptance of good risk profiles

RISK success story
RISK success story
RISK success story
RISK success story

Customer
Risk Verzekeringen

Challenge
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

Solution
FRISS Underwriting Analytics

Results

  • Touchless trust and immediate STP acceptance of good risk profiles.

  • Compliance-by-default.

  • Higher efficiency, time savings and customer satisfaction.

Customer

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.

Challenge

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.

Solution

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.

“Fraud detection and proper risk assessment by the customer are crucial.”

“Fraud detection and proper risk assessment by the customer are crucial.”

“Fraud detection and proper risk assessment by the customer are crucial.”

Results

For customers, the added value lies in the STP principle. Customers today want to know where they stand immediately. This is why RISK immediately indicates via the platform whether or not coverage can be offered. RISK uses FRISS to perform important screenings during the seconds it takes to complete an application. We also call this touchless trust: all customers with a good risk profile are immediately accepted. For the partners of RISK, it is important to know that all the steps required by legislation and regulations are integrated into the platform, which is called compliance by default. This also provides clarity for partners. It is not a grey area, it is black or white. The wide range of our business partners’ APIs (claims, fraud detection, risk assessment, data enrichment, etc.) offer added value that increases the innovative power of RISK’s affiliated. These are also easy to integrate for partners who use the platform. In addition, the platform generates savings for partners. By comparing the broadest possible range of offers and finding out immediately whether or not coverage can be offered, this avoids making 10 different offers. It also ensures higher efficiency, time savings and customer satisfaction.

The ‘plug-and-play’ setting of FRISS is completely in keeping with the principles of RISK. The API layer of the RISK platform also makes this easy to realize. Throughout our years of partnership, RISK and FRISS have worked together to make the insurance sector ‘healthier’. In the end, everyone benefits.

Start your end-to-end trust automation today!