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The latest developments across the P&C insurance industry regarding fraud, risk and compliance.
07 March 2016

Greek insurer Interamerican chooses FRISS solution to fight insurance fraud

FRISS announced that Greek insurer Interamerican has selected the FRISS solution to fight insurance fraud more effectively. Interamerican is part of Achmea. The company will be using FRISS to assess risks at underwriting and to detect fraud during the claims process. This enables Interamerican to identify fraudulent claims and at the same time prevent bad risks from entering the portfolio.

Interamerican is the second largest provider of general insurance services in Greece. Interamerican turned to FRISS because the insurer is aware of the threats that fraudsters impose on the insurance business. “An automatic risk assessment at Underwriting and an effective fraud detection method during the claims compensation process are essential tools to implement our digital strategy” states Giannis Kantoros, COO at Intermerican.

The company chose to implement FRISS in a SaaS model (Software-as-a-Solution). Christian van Leeuwen, CTO at FRISS, sees a trend: “About 85% of our customers choose to use our product as SaaS. In some European countries the SaaS delivery model has already been successful for many years. For instance: 95% of the Dutch insurance companies use our SaaS model, compared to 60% internationally. More and more insurers are shifting from On-Premise to SaaS. It is promising to see that the benefits of SaaS are now recognized in other countries as well.”

Why a fraud solution?
Interamerican is already successful in fraud fighting, but wants to support its claims adjuster with modern tools to be more efficient and focussed. The screening of all claims declarations not only identifies potential fraud cases automatically, but also enables a fast track settlement for the honest clients, which is by far the majority. The combination with a risk assessment at Underwriting will lead to a better portfolio quality and will further improve the results of Interamerican in the future.

Why did Interamerican choose for FRISS?
Following a thorough vendor selection process Interamerican decided for FRISS because of the advanced technical solution and the very good business understanding of the Greek insurance market.

FRISS is European market leader with 60+ implementations and has a 100% focus on fraud, risk and compliance for non-life insurers. The company is pleased to extent its presence in the Greek market by supporting Interamerican in its battle against insurance fraud. ‘’Interamerican is leveraging its approach against insurance fraud by not only going after fraud at claims, but also by stopping fraudsters already at the door’’, says Jeroen Morrenhof, CEO at FRISS.”

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