FRISS has won Insurance Nexus’ Canadian Insurance Innovator of the Year 2018 award, for its AI powered fraud detection and risk assessment solutions.
The carrier of the year award was given to Economical Insurance for its Guidewire-based computer system Vyne. Sponsored by Canadian Underwriter, the awards celebrate companies and technology partners that are implementing new technologies, AI and advanced analytics in Canadian insurance.
2018 Canadian Insurance Innovator of the Year: FRISS
Insurance Nexus recognized insurtech FRISS, headquartered in The Netherlands, for its insurance fraud detection solutions.
FRISS technology is designed primarily for use by underwriters and claims investigators; it integrates with an insurer’s policy and claims systems to detect real-time risk and fraud throughout all insurance processes. At the core of the technology is a real-time “FRISS Score,” which shows fraud risk throughout the policy cycle, enabling insurers to make faster decisions on quotations, policies and claims across all private and commercial lines.
FRISS has completed more than 150 implementations of its technology in more than 30 countries. FRISS is addressing market demand, as it has received more and more inquiries for fraud detection, risk assessment and special investigations from North American insurers. By opening an office in Chicago they can now directly help insurers in the region.
Alexander Kammoun, VP Marketing at FRISS, stated: “We are delighted to see that our efforts to get our proven solution to North America pays off. With the recognition of Insurance Nexus we feel confident that insurance carriers trust in the power of AI combined with our expert industry knowledge, as did the panel. The FRISS Score helps carriers worldwide in solving their challenges with fraud analytics.”
Insurance Nexus Awards: Judging and Presentations
Economical and FRISS were selected as award winners by a senior judging panel comprised of Manulife Financial EVP and chief analytics officer Cindy Forbes, AIG Canada chief operating officer Marc Lipman, Insurance Solutions group principal Stephen Applebaum and head of insurance at Insurance Nexus, Emma Sheard. The Canadian Insurance Carrier of the Year had eight finalists; the Canadian Insurance Innovator of the Year saw 14 finalists.
The awards were part of the Insurance Analytics Canada Summit 2018 taking place on Sept. 25-26 at the Westin Prince Hotel in Toronto. Winners were announced Tuesday evening.
Original message: Canadian Underwriter