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The latest developments across the P&C insurance industry regarding fraud, risk and compliance.
12 December 2017

FRISS Raises €15 Million in Series A Funding

FRISS, the European market leader in analytics software for fraud, risk and compliance to P&C insurers, today announced that it has closed a €15 Million Series A funding. The investment is led by Aquiline Technology Growth (ATG) and Blackfin Capital Partners, two companies with deep insurance expertise.

The new capital will be used to:

  • Further strengthen the FRISS solutions;
  • Accelerate FRISS’ global expansion;
  • Further facilitate the anti-fraud community by enabling cross-carrier and cross border cooperation between insurers.

With the Series A investment, FRISS is able to respond to the growing global demand for insurance fraud and risk solutions. Insurance fraud is a growing, major challenge for insurance companies. All around the world, money is flowing to people who commit opportunistic or organized criminal activities. The mission of FRISS is to support honest insurance: why should sincere customers carry the burden of dishonest ones?

FRISS enables insurers to not only detect fraud when it occurs but prevent fraud as well by using the strong analytical and hybrid detection engine powered by fraud indicators and analytical models, as well as over 120 out-of-the box available connections to external data sources.

The award-winning FRISS platform is used by 132 insurers in 26 countries. Based on AI and machine learning techniques, the FRISS Score indicates the risk for each quotation, policy or claim, increasing straight through processing (STP) and supporting digitization. FRISS aims to make this score the global standard for honest insurance.

“We have carefully selected Aquiline and Blackfin to be our partners,” said Jeroen Morrenhof, CEO at FRISS. “Both parties have a great deal of experience in growing and professionalizing InsurTech companies. Their broad sector knowledge in EMEA and North America will be a tremendous asset to foster our further developments.”

“FRISS is a market-leading fraud detection provider in Europe and we have been impressed with the company’s innovative approach and global customer traction,” said Michael Cichowski of ATG. “We look forward to partnering with them to increase their reach and expand their offerings.”

Laurent Bouyoux, founding partner of BlackFin, stated: “We are delighted to invest in such a high-quality company and team. We are convinced FRISS will redefine the way insurance companies, on a global scale, manage fraud and related risks, using the latest developments in artificial intelligence, data analysis and insurance scoring.”

As part of the investment, Michael Cichowski of ATG and Maxime Mandin of Blackfin will join the FRISS Board of Directors.

About FRISS

FRISS has 100% focus and dedication to fraud detection and risk mitigation for P&C insurance companies worldwide. Their business solutions for underwriting, claims, investigations and compliance are ready-to-use. They deliver reliable risk indication, the FRISS Score, to over 130 insurers worldwide. The FRISS Score enables companies to make faster and better decisions on quotations, policies and claims across all private and commercial lines. Projects go live within 6 months and have an ROI within 12 months. FRISS believes in honest and fair insurance premiums, for everyone. www.friss.com

About Aquiline Technology Growth

Aquiline Technology Growth invests in early- and growth-stage technology companies that are bringing innovation to the insurance and broader financial services ecosystems. ATG is managed by Aquiline Capital Partners. Its team of professionals has experience in technology and financial services and is supported by its colleagues at Aquiline Capital Partners, strategic partners, and an active group of industry experts. For more information on ATG, please visit: http://www.aquiline.com/atg.

About Blackfin Capital Partners

Founded by four Fintech entrepreneurs in 2009, BlackFin is a fully independent investment firm with in excess of €700 million in commitments from institutional investors. BlackFin’s Tech 1 venture fund is targeting seed to later stage FinTech investments, across Europe.

The Financial Services industry in Europe is shaken by profound changes in customer expectations, technologies and regulation. This creates step-change opportunities for talented entrepreneurs building tomorrow’s leading FinTech, InsurTech and RegTech companies. BlackFin’s 25 investment professionals – with decades of experience in the sector – act as an active and influential investor to support these companies.

More information at www.blackfin-tech.com and on Twitter @BlackFin_tech

Contact us

Cookie and Privacy Policy

1. Introduction

When you use this website, FRISS may collect information about your use of the website and the content offered. We believe it is important to handle your (personal) data with due care and confidentiality. When processing your personal data, we comply with the General Data Protection Regulation (Algemene Verordening Gegevensbescherming) and Article 11.7a of the Telecommunications Act (Telecommunicatiewet).

1.1.  Controller

The controller of the processing of personal data is:

FRISS Fraudebestrijding B.V.
Orteliuslaan 15
3528 BA
Utrecht

This processing of personal data is registered with the Dutch Data Protection Authority (Autoriteit Persoonsgegevens) in The Hague under reporting number m00004997.

1.2.  Purposes of data processing

There are several places on our website where you can fill in your (personal) data. We will explain the purposes of the various instances of data processing below.

Filling in the contact form or sending an e-mail

If you fill in the contact form on our website or send us an e-mail, we will only use the (personal) data you provide for the purpose or purposes for which you filled in the contact form or sent the e-mail.

Download form

If you download files on our website (such as e-books, whitepapers or reports), we will use the (personal) data you provide for one or more of the following purposes:

  • for the execution of an agreement, for example to send you the e-book, whitepaper or report you have chosen;
  • for the formation of an agreement, for example by contacting you by telephone or in writing.

Newsletter

If you fill in the application form for the newsletter on our website, your (personal) data will be used to send you the newsletter. Each newsletter contains a hyperlink at the bottom of the message that you can use to unsubscribe.

In addition to the personal data you provide to FRISS yourself, FRISS may collect, record and process additional (personal) data if you use the (web) services of FRISS. This concerns the following personal data:

  • data from the used equipment, such as a unique device ID, version of the operating system and settings of the device you use to access a service;
  • information about the use of a service, such as the time at which you use the service and the type of service that is used;
  • location details from your device or derived from your IP address that is provided to us when you use a particular service;
  • data available from external sources. We may receive information about you from public or commercially available sources.

1.3.  Provision of (personal) data to third parties

Your (personal) data will never be provided to third parties without your permission, unless we have an obligation to do so pursuant to legislation or regulations or you have given permission for this.

1.4.  Security of data

FRISS respects your privacy and ensures that personal data are handled confidentially and with the utmost care. All processed (personal) data is stored exclusively in secure databases. These databases are only accessible to employees of FRISS, to the extent that this access is required by virtue of their position. FRISS makes every effort to secure these systems against loss and/or any form of unlawful use or processing.

1.5.  Inspection, correction and deletion of data and the right to object

You can view your data that is processed by FRISS at any time and free of charge and, if you so wish, modify this data or have it deleted. You can also object to receiving information about products, services or content of FRISS. If you wish to make use of one of these options, you can send an e-mail to the Data Protection Officer of FRISS via privacy@friss.eu or write to the following address:

FRISS | fraud, risk & compliance
Attn. Data Protection Officer
Orteliuslaan 15
3528 BA Utrecht.

2. Cookies

When using this website, information about your use of these services and other websites may be collected by or on behalf of FRISS, for example by means of cookies.

A cookie is a small file that is sent along with pages of a website and stored by your browser on the hard disk of your computer. We use cookies to remember settings and preferences. You can disable these cookies via your browser.

2.1.  The purposes for which FRISS uses cookies

On our website we use cookies for the following purposes:

  • for statistical purposes, in order to analyse the use of FRISS websites. This allows us to keep track of the number of visitors and see which parts of our website are popular. We use Google Analytics in order to track and consult these statistics. On this website you can find explanations about all cookies that may be placed by Google;
  • for what is known as ‘targeting’ purposes, if you have used the download form. By targeting we mean building a profile of you based on your surfing behaviour on our website, after which we may contact you by telephone or e-mail based on the interests you have shown in order to offer you FRISS services that you may be interested in. We use HubSpot in order to track and consult these statistics. On this website you can find explanations about all cookies that may be placed by HubSpot;

3. Changes to this Cookie and Privacy Statement

FRISS may make changes to this Cookie and Privacy Statement. All modifications will be published on this page. We advise you to consult this Cookie and Privacy Statement regularly, so that you are always aware of the content of the current Cookie and Privacy Statement.

 

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