One of the largest insurers in Sweden, Folksam, is live with the FRISS solution Claims | Fraud Detection. The project has been delivered within time and budget.
Klas Beskow, Head of Investigations at Folksam, explains: “’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.’’
Folksam 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. 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.
“With the FRISS solution we foresee that we are going to deliver 15-20% more investigations to the company”