Fighting fraud more effective and efficient in both the claims and investigation processes
Folksam is one of the largest insurers in Sweden and offers a wide variety of insurance products, serving about 4 million customers that represent more than 3 billion premium income and almost 1 million claims each year. Folksam is aware of the threats from fraudsters and acknowledges that about 10% of all claims are potentially fraudulent. This is a big challenge for Folksam and for the insurance business as a whole. To meet these challenges Folksam has decided to move to a more structured process to fight fraud. At Folksam, FRISS has implemented the solution Claims | Fraud Detection.
‘’We want our customers to feel safe that we are doing our utmost to protect their premiums and their money from being exposed to fraudulent people.’’
In the claims process, FRISS enables Folksam to improve its loss ratio by increasing the chances of detecting fraud and limit false positives to a minimum. This helps Folksam to become more effective at fraud investigation by directly recognizing claims that need further attention or require active follow-up. The integrated case management module makes sure that investigators can easily work together by sharing cases at the same place with all related information available.
‘’FRISS has by far the most implementations of antifraud solutions in Europe. This means that the FRISS platform, over time, will gain more and more knowledge concerning insurance fraud and fraudulent behavior which Folksam will benefit from. After a thorough selection process, Folksam has chosen FRISS since we see that the FRISS platform is built and designed for the needs of the insurance business. There are competitors in the market but none that is as dedicated to insurance fraud as the FRISS solution.’’