FRISS, leading expert in fraud detection and risk mitigation for insurance companies, announced that is has been listed as a representative vendor in a Gartner research report ‘Market Guide for Insurance Fraud Analytics’, published in March 2016.
Fraudsters of tomorrow
Gartner defines “fraud analytics” as solutions that employ sophisticated analytics and predictive modeling to identify or even predict potential fraud in real time during data entry i.e., prospective fraud detection.
Jeroen Morrenhof, CEO of FRISS said: ‘’At FRISS we believe that in order to maintain a progressive and sustainable fraud policy it is vital to continuously invest in this process, at both underwriting and claims. Especially with the increasing digitization, insurers should constantly anticipate on trends that affect the industry in order to uncover the fraudsters of tomorrow’’.
Automated fraud detection and analytics
The market for automated fraud detection and fraud analytics solutions is further emerging as insurance companies are increasing their focus on profitable growth and honest insurance. The rise of digital business opportunities forces insurers to look into new fraud methods and modus operandi. Nowadays, fraud analytics solutions should be applied to both claims and underwriting. The Gartner Market Guide states: ‘’Insurers need to consider new uses of fraud analytics such as in underwriting, and adopt modern solutions to support data requirements’’.
The Market Guide serves as a reference for insurance companies looking for a fraud solution. Gartner has listed FRISS as a Representative Vendor. FRISS has the most implementations across Europe. Morrenhof continues: ‘’We are very proud of our European market leadership and our expansion in the Americas and Asia’’.
Gartner clients may download a copy of the Market Guide from the Gartner website.
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