On Friday October 20th FRISS, the global provider for fraud, risk and compliance software to non-life insurers, won the top prize of $1.5 million dollar in the final round of this years’ VentureClash competition that was run by Connecticut’s’ strategic venture capital arm Connecticut Innovations at Yale School of Management.
From the 300 nominated tech companies, only nine reached the final round and were given the opportunity to pitch their solution to a live jury, consisting of Connecticut’s flagship companies. After careful considerations FRISS was announced as the winner.
Detect Risk, Eliminate Fraud, Secure Compliance
The FRISS platform has an ROI within twelve months and offers a strong analytical engine that helps insurers to make better decisions in their claims and underwriting processes. Insurers can better detect fraud during the claims process and bring the learnings back to the underwriting process to prevent fraud from happening. In this way insurers can also get rid of frequent claimers, fast claimers and defaulters. Insurers can double their current savings in the area of fraud and risk.
Matt McCooe, CEO of Connecticut Innovations: “VentureClash again attracted an impressive list of innovative, early-stage companies poised for growth. FRISS has the kind of innovation that insurance companies in the Hartford area have been craving.”
Jeroen Morrenhof, CEO of FRISS: “Insurance fraud is a challenging problem. We are delighted to see that the jury awards the value that we already bring to customers in over 25 countries. In our quest for honest insurance the US always seemed a logical next step. This top prize confirms we are making the right choice.”
Hartford Innovation Award
FRISS also won the $25,000 Hartford Innovation Award. This prize is connected to Connecticut-based insurance company The Hartford, a partner of VentureClash.
VentureClash is Connecticut Innovations’ global investment challenge focused on early-stage companies. The challenge identifies promising companies in digital health, financial technology, insurance technology and the Internet of Things that will receive investments from a $5 million award pool and the support of resources around Connecticut. To learn more, visit www.ventureclash.com.
About Connecticut Innovations Inc.
Connecticut Innovations is Connecticut’s strategic venture capital arm, providing funding and strategic support to early-stage technology companies. In addition to equity investments, CI provides grants that support innovation and collaboration through CTNext, and connections to its well-established network of partners and professionals. To learn more, visit www.ctinnovations.com.