Seguros el Roble announced that it has selected FRISS, in cooperation with Munich Re, to provide a fraud detection platform for claims in order to fight fraud in a more structured and effective way.
Seguros el Roble is the largest private insurance company in Central America and is the first insurer in Latin America to use FRISS for automated fraud detection in the claims process. The company has a strong innovative and progressive mindset and is ready to embrace the digital transformation in the industry. Hermann Girón Délery (General Manager, Seguros el Roble) says: ‘’We are aware of the impact fraud and risk evaluation has on the lifetime value of customers as well as future fraudulent claims. We believe the implementation of the FRISS solution adds an important element in the evolution of our efforts to reduce fraud and increase client satisfaction by fast track service of our genuine and trustworthy customers.’’
In motor insurance, a market share of 34.5% has given Seguros el Roble the economies of scale that allows business solutions to be effective. Girón continues: ‘’Munich Re’s selection of FRISS as a strategic partner for automated fraud detection and prevention was an important factor in our consideration of the FRISS solution. We are convinced that the use of FRISS technology in addition to smart underwriting will present significant benefits for our company results.’’
Fraud awareness in Latin America
FRISS is European market leader with 100+ implementations and is fully focused on fraud, risk and compliance for non-life insurers worldwide. FRISS is pleased to expand its presence in Latin America by supporting Seguros el Roble in its combat against fraud. Jeroen Morrenhof (CEO, FRISS) underlines this: “We are very proud to welcome el Roble as first mover in Latin America and thank them for their trust in FRISS as a partner in supporting honest insurance worldwide.” The close cooperation between FRISS and Munich Re is creating strong awareness in the region. Morrenhof: “We expect a fast growth in the adaption of real-time risk and fraud detection in Latin America and are glad to enable insurers in these important developments to increase profitability and more honest insurance.”
Cooperation FRISS and Munich Re
FRISS and Munich Re have joined forces in order to better support insurance companies regarding their fraud and risk approach for both the underwriting and claims process. By working together insurers will benefit from both the leading position and experienced support from Munich Re combined with the specialized risk and fraud expertise (solutions) from FRISS.
Munich Re’s Head of Client Management for the Caribbean, Mexico and Central America, Frank Buchsteiner says: “Within the Munich Re Group we have experience with FRISS as provider for automated fraud detection. Their solution has convinced us to enter a partnership with them for Latin America, Spain and Portugal in order to support our clients in reducing their combined ratio and in increasing the efficiency of their internal claims handling processes. We believe that El Roble is the ideal first client to implement FRISS because of its openness towards innovative technologies and because El Roble recognizes the importance and advantages of an automated fraud detection tool. We are looking forward to accompanying El Roble in the implementation of FRISS and on its way to reduce the number of fraudulent claims.”
