FRISS Secures Investment from Guidewire
Feb 10, 2021
Las Vegas, November 2, 2021 - FRISS, the most widely adopted provider of AI-powered end-to-end fraud prevention and detection solutions for P&C insurers worldwide and Guidewire PartnerConnect Solution partner, today announced they secured an investment from Guidewire (NYSE: GWRE), who are adding onto the recently announced $65 million Series B led by Accel-KKR, a global technology-focused private equity firm.
FRISS's mission is to make insurance more honest by stopping fraudsters before they harm sincere customers. The FRISS platform offers end-to-end support through the full policy lifecycle. Their solutions for underwriting, claims, and special investigations are fueled by an instant-on combination of powerful AI, text mining, image analytics, geolocation, predictive models, internal and external data sources and expert knowledge rules. This ensures a holistic view of risks for each policy request, renewal or claim, while staying fully compliant throughout the process. Last year, FRISS together with its customers have saved the insurance industry over $1 billion in fraudulent claims being prevented or not paid out.
"The FRISS solutions have set the standard for end-to-end fraud analytics and deliver analytical insights to improve the quality of business decision-making," comments Mike Chen, vice president, Corporate Development and Ventures, Guidewire. "This investment is in line with Guidewire's data and analytics vision, an area of keen interest for us. We are committed to helping insurers leverage data and analytics to tackle challenges in underwriting and claims so they can provide excellent customer service. Investing in companies like FRISS helps us meet that objective."
"I'm thrilled to see our long-term partner Guidewire investing in FRISS. The shift to technology for data analytics as a service is more profound than the cloud transformation we've gone through in the past decade," adds Jeroen Morrenhof, FRISS CEO and co-founder. "Thanks to the real-time analytics we provide directly from Guidewire core systems, an insurer's employees are empowered by insights that go way beyond their sight, in a fraction of the time it would have cost them. By investing in FRISS, Guidewire supports our quest for honest insurance, meaning we can further enhance these risk insights for insurers to really enable a safe digital transformation." This investment will allow FRISS to deepen integration into Guidewire PolicyCenter and ClaimCenter and expand the seamless risk assessment experience, thereby enriching the value delivered on Guidewire customer projects.