FRISS, the most implemented AI powered fraud, risk and compliance solution provider for P&C insurance companies worldwide, got selected for the eighth cohort of the Lloyd’s Lab, beginning on 25 April. Out of over 150 applications, FRISS is one of the eleven InsurTechs selected to join the Lloyd’s Lab global accelerator scheme.
According to feedback, Lloyd’s Lab was very impressed by the quality of the FRISS pitch, in which the FRISS Underwriting Insights solution portfolio solution Book Snapshot was presented. Underwriting Insights helps insurers to gain a deeper understanding of the risk in their portfolio, stay compliant, detect fraud and make better decisions across the end to end underwriting cycle.
Ed Gaze, Senior Manager, Lloyd’s Lab says: “It’s really exciting to be welcoming the eleven successful teams to the Lloyd’s Lab for our eighth cohort. We’ve invited InsurTechs to address some of the most pressing issues the Lloyd’s market faces, from supporting the transition to a low carbon economy to getting better at dealing with business interruption claims. We’re delighted to be working with some of the most innovative InsurTechs in the world and look forward to seeing how they help our market, customers and society progress.”
“I’m really excited to see our solution being part of the Lloyd’s Lab,” adds Piyush Singh, FRISS VP of Underwriting. “We’re keen to engage with a global market to help us expand our product outside of the US. Lloyd’s is the excellent starting point as I truly believe our solution supports them to measure exposures with accurate NAICS codes and to drill down deeper into the granularity of a portfolio, enabling faster and more accurate decisions.”
“Writing insurance is like trying to drive a car forward while looking at the rearview mirror – you are always trying to base your decisions on what you did in the past,” explains Martyn Griffiths, FRISS UK Lead. “With the powerful AI based solution, Lloyd’s can orchestrate their data and make solid decisions on their US portfolios. I’m delighted to start April 25 and to be working with the world’s leading marketplace for commercial, corporate and specialty risk solutions, to see how we can help expand our capability to other markets.”
The other 10 companies included in the eighth cohort are: Kita, Persefoni, Otonomi, Privateer Space, Definely, Marmalade, Kettle, InsurX, ClearConnect, and BakerTilly.