Tieto and FRISS have announced a partnership bringing together Tieto’s knowledge of the Nordic insurance market and FRISS expert fraud detection and prevention solutions. This cooperation matters at a time when effective fraud and risk detection is becoming increasingly important.
Digitalization and automation are changing the way insurers work. Insurance companies are becoming more vulnerable both to individual fraudsters and organized crime. Without effective solutions to identify fraudsters in time, there is a risk that a growing cost will be transferred to customers and society as a whole, in the form of increasing premiums.
“With FRISS, Tieto’s customers can now benefit from a future proof platform, solving both today’s and tomorrow’s fraud challenges. The combination of our forces is unique in the Nordics, where Tieto has a long local history and can provide secure and compliant hosting options and end-to-end implementation capabilities”, says Tieto Christian Segersven, Vice President Tieto Financial Services.
Reducing false positives
Many insurance companies can only investigate a very small proportion of flagged potential cases. Among these, “false positives” are a major concern. The solution that FRISS and Tieto offer increases the number of real fraudulent cases identified, while reducing the overall number of flagged cases. This helps fraud investigators spend their time on cases that matter. Genuine claims can be handled and paid out faster, increasing customer satisfaction.
Cooperation Tieto and FRISS
“The cooperation with Tieto will help make insurance in the Nordics more honest, by stimulating fair insurance premiums and profitable growth. We already had a foot on the ground in the region. Now we can leverage Tieto’s thorough market understanding and presence to meet the specific demands of Nordic insurers, while further enhancing our proven fraud management solutions”, says Marc Mulder, CCO at FRISS.
Fraudulent payments are estimated at 2,5-5 billion SEK per year in Sweden, and in Finland, a study found that 17% of the respondents said they knew a person “who has deceived their insurance company”.