Global provider of AI-based fraud detection concludes 2020 books with record-breaking figures in honest insurance
In the aftermath of a challenging 2020, FRISS is proud to announce they had a record year. The demand to modernize insurance processes has been felt industry-wide. Therefore, FRISS has become the recognized leading provider of automated fraud detection and prevention solutions, now seen as requirements in this digital age. FRISS has seen massive expansion in key markets including the United States, Canada and Latin America.
“You can’t process millions of policies, renewals and claims in a fully automated way unless you have some sort of safety mechanism in place,” remarked FRISS CEO and Co-founder Jeroen Morrenhof. “Carriers can now instantly accept new policies and pay out claims in a split second with the confidence that they are legitimate and compliant. At the same time, they can stop high risk applications and fraudulent claims instantaneously, realizing a significant financial impact and passing along deserved savings to their customers.”
Forced modernization was an industry theme for 2020. While there were many struggles, for FRISS, the year was not all bad:
- 16 new carriers added to the FRISS family
- 17 new product releases, including updated fraud schemes
- 8.9/10 customer satisfaction rating
- 58% revenue growth
- 193,624 push-ups done during our virtual bootcamps
Most importantly, FRISS has helped the industry save over $1B in fraudulent policy applications and claims payments. With this enhanced level of trust, carriers have been able to redirect their time and money towards what matters most – providing value to their customers.
“In a single year the industry saw the transformation we thought would take five to ten years,” Jeroen notes. “We’re proud to do our little part in making the world a more honest place through safe digital transformation, and we’re thankful this year – more than ever – that we’re not on this journey alone.”
Want to know more about the outlook of the fight against insurance fraud?
Read this blog by FRISS CTO Christian van Leeuwen highlighting 7 key industry perspectives.