Mapfre Middlesea Plc has signed an agreement which paves the way for the Company’s participation to the anti-fraud platform developed by FRISS. The agreement was signed between Mr. Felipe Navarro Lopez de Chicheri (President & CEO, Mapfre Middlesea Plc), Mr. Jeroen Morrenhof (CEO, FRISS) and Mr. Adrian J Galea (Director General, Malta Insurance Association). The participation of Mapfre Middlesea Plc widens the control of suspicious activities to more than 85% of the motor insurance market.
The FRISS anti-fraud platform is a flexible solution which allows insurers to detect the incidence of fraud both at underwriting and claims-handling stage. “Fraud is a hidden cost for policyholders and insurers are nowadays conscious of the fact that solutions such as this are an integral part of their risk management processes”, Mr. Galea said. The FRISS platform, which is used by major European insurers, had been launched in Malta in 2012.
“We are pleased with this development on the Island and the addition of Mapfre Middlesea will undoubtedly add to the success that this platform has had so far. Although Malta’s insurance industry is small compared to that of other countries, fraud and insurance crime knows no boundaries and through the availability of such solutions, insurers may, irrespective of size and location, manage this risk more effectively”, Mr. Morrenhof stated.