FRISS is excited to announce our partnership with Snapsheet, a leading provider of software services for modern insurance carriers. This partnership will enable Snapsheet customers to benefit from seamless fraud detection, built directly into their core system and everyday workflows.
“We applaud Snapsheet’s ability to help carriers provide their customers with services at the speed they demand,” noted FRISS CEO and Co-founder Jeroen Morrenhof. “We’ve worked closely for several years now, and it was obvious we could help carriers move forward faster when we work not only closely, but closely together.”
Partnering for honest insurance
While offering consumers speedy service and optimized experiences is an important step in remaining competitive and sustainable, it invites an unfortunate side effect: fraud. Digitized processes and removal of the human element make it easier than ever to commit opportunistic insurance fraud. Fraud accounts for over $80B in the US P&C market alone, costing the average family hundreds of dollars more in premiums each year. Honest customers are subject to unnecessary scrutiny while fraudulent claims continue to be paid.
The FRISS solution allows carriers to automatically detect fraudulent claims. Our hybrid approach combines AI and machine learning, expert knowledge rules, internal and external database checks, text analysis and network link analysis to provide this unmatched fraud detection in real time.
The FRISS Score provides an instant indication of the likelihood that a claim is fraudulent, and more importantly, provides actionable insights non-technical staff can use to decide the next best actions to take.
Boosting customer experience
“Snapsheet’s partnership with FRISS is just one example of how we are continuing to innovate our technology to meet evolving customer needs,” stated Snapsheet CEO and Co-founder Brad Weisberg. “Through Snapsheet Claims, customers gain a cloud-native, API-driven claims platform that can easily and quickly integrate with third-party vendors to ingest any data from any source, while connecting with existing systems. Whether it’s finding new ways to reduce cycle times or boost customer experience, we have strategically built our technology to be conducive to seamless integrations.”
A FRISS indication within Snapsheet is as simple as a traffic light: Green means go, encouraging the fastest possible processing of legitimate claims; yellow indicates a need to slow down and look both ways; while a red light, indicative of a high likelihood of fraud, should cause a carrier to stop and investigate before paying a claim.
“Fraud detection is a complex process,” shared Dan Gumpright, Global VP of Products. “FRISS is here to simplify that process for carriers and plugging directly into their core system allows us to do just that. We want to make it as easy as possible to spot suspicious claims and give investigative teams a jump start to a successful investigation.”