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FRISS Risk Assessment at Underwriting - Detect and prevent insurance fraud

Underwriting Decisions in a Split Second

A healthy portfolio depends on the prevention of insurance fraud and high risk. Our underwriting solution is based on AI and machine learning techniques, delivering a real-time intelligent and objective risk assessment. FRISS enables insurers to:

  • Know Your Cusomter before they enter your portfolio.
  • Prevent bad risks by combining AI and machine learning analytics.
  • Enable straight through processing (STP).
  • Deliver seamless customer onboarding in a split second.

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Healthy Portfolio Growth

Most insurance companies focus on the growth of their portfolio and less on its quality. It is important to have a clear picture of potential customers before they enter your portfolio. You should decide on the amount of risk you are willing to take in and to have the ability to adjust the screening to your pre-determined risk profile at any time. This way, you will keep control over your portfolio and maintain the optimal balance between quantity and quality, while fully automating the onboarding process to deliver a digital experience customers expect.

Automated Risk Assessment Benefits

Underwriting process

Straight Through Processing (STP)

By implementing automatic risk estimation in the underwriting process, straight through processing is being realized wherever possible. This allows your operation and process for underwriting to become significantly more efficient. With FRISS, you can identify and target those applications that are suspicious.

Real-time Objective Risk Assessment

The risk mitigation process provides you with structured and uniform screening, saving you a significant amount of time, while giving you real-time insights into the risks associated with a new customer request. With these insights, you can directly accept, reject or accept under customized conditions.

Improve Customer Experience

A smooth onboarding process delivers happy customers. The consistent and impartial screenings enable fast onboarding within a split second. Time to market new products that fit the changing market requirements goes faster, while you stay in control of your portfolio growth.

Know Your Customer

FRISS helps you to answer three basic questions:

  • Who am I doing business with?
  • Am I allowed to do business with them?
  • Do I want to do business with them?

With the FRISS, the risk profiles are created automatically. By using proactive monitoring of current customers, preventive measures can be taken in time, in case of changing risks. Moreover, mutated risk profiles that flow from both proactive monitoring and the claims process will be filed and used to improve current and future screenings.

Underwriting Protection

Insurance is changing fast. On Demand insurance, Usage Based Insurance (UBI) and Blockchain all change the way in which you do business. With FRISS and our Risk Assessment at Underwriting you are prepared for the future. Real-time application scoring enables on the spot insurance, where ever your customer is at that moment.

Data Driven Underwriting

The FRISS underwriting solution leverages extensive, out-of-the-box internal and external data sources to paint the full picture of the customer. Combined with our AI powered risk analysis, you can easily identify potential risks and really know your customer (KYC.) before accepting the risk. You can decide on the amount of risk you are willing to take before bringing the customer into your portfolio. With FRISS, you can turn your data into knowledge.


 

FRISS Score

FRISS Risk Assessment at Underwriting - Detect and prevent insurance fraud

As a proven standard, the FRISS Score is the core of the solutions and indicates the risk for each policy application or claim. It provides a white box, holistic view on fraud and risks, delivering actionable insights. The FRISS Score is based on a hybrid detection method. It combines insurance expert business knowledge, based on 10+ years of experience, with external data sources and AI.

The detection system provides an accurate estimation of the fraud and risks with the aid of expert rules, profiles, predictive models, text mining and link analysis together with all available information in more than 100 external data sources. Based on this estimation, a risk score is given (FRISS Score). The higher the score, the higher the potential risk of fraud.

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Cookie and Privacy Policy

1. Introduction

When you use this website, FRISS may collect information about your use of the website and the content offered. We believe it is important to handle your (personal) data with due care and confidentiality. When processing your personal data, we comply with the General Data Protection Regulation (Algemene Verordening Gegevensbescherming) and Article 11.7a of the Telecommunications Act (Telecommunicatiewet).

1.1.  Controller

The controller of the processing of personal data is:

FRISS Fraudebestrijding B.V.
Orteliuslaan 15
3528 BA
Utrecht

This processing of personal data is registered with the Dutch Data Protection Authority (Autoriteit Persoonsgegevens) in The Hague under reporting number m00004997.

1.2.  Purposes of data processing

There are several places on our website where you can fill in your (personal) data. We will explain the purposes of the various instances of data processing below.

Filling in the contact form or sending an e-mail

If you fill in the contact form on our website or send us an e-mail, we will only use the (personal) data you provide for the purpose or purposes for which you filled in the contact form or sent the e-mail.

Download form

If you download files on our website (such as e-books, whitepapers or reports), we will use the (personal) data you provide for one or more of the following purposes:

  • for the execution of an agreement, for example to send you the e-book, whitepaper or report you have chosen;
  • for the formation of an agreement, for example by contacting you by telephone or in writing.

Newsletter

If you fill in the application form for the newsletter on our website, your (personal) data will be used to send you the newsletter. Each newsletter contains a hyperlink at the bottom of the message that you can use to unsubscribe.

In addition to the personal data you provide to FRISS yourself, FRISS may collect, record and process additional (personal) data if you use the (web) services of FRISS. This concerns the following personal data:

  • data from the used equipment, such as a unique device ID, version of the operating system and settings of the device you use to access a service;
  • information about the use of a service, such as the time at which you use the service and the type of service that is used;
  • location details from your device or derived from your IP address that is provided to us when you use a particular service;
  • data available from external sources. We may receive information about you from public or commercially available sources.

1.3.  Provision of (personal) data to third parties

Your (personal) data will never be provided to third parties without your permission, unless we have an obligation to do so pursuant to legislation or regulations or you have given permission for this.

1.4.  Security of data

FRISS respects your privacy and ensures that personal data are handled confidentially and with the utmost care. All processed (personal) data is stored exclusively in secure databases. These databases are only accessible to employees of FRISS, to the extent that this access is required by virtue of their position. FRISS makes every effort to secure these systems against loss and/or any form of unlawful use or processing.

1.5.  Inspection, correction and deletion of data and the right to object

You can view your data that is processed by FRISS at any time and free of charge and, if you so wish, modify this data or have it deleted. You can also object to receiving information about products, services or content of FRISS. If you wish to make use of one of these options, you can send an e-mail to the Data Protection Officer of FRISS via privacy@friss.eu or write to the following address:

FRISS | fraud, risk & compliance
Attn. Data Protection Officer
Orteliuslaan 15
3528 BA Utrecht.

2. Cookies

When using this website, information about your use of these services and other websites may be collected by or on behalf of FRISS, for example by means of cookies.

A cookie is a small file that is sent along with pages of a website and stored by your browser on the hard disk of your computer. We use cookies to remember settings and preferences. You can disable these cookies via your browser.

2.1.  The purposes for which FRISS uses cookies

On our website we use cookies for the following purposes:

  • for statistical purposes, in order to analyse the use of FRISS websites. This allows us to keep track of the number of visitors and see which parts of our website are popular. We use Google Analytics in order to track and consult these statistics. On this website you can find explanations about all cookies that may be placed by Google;
  • for what is known as ‘targeting’ purposes, if you have used the download form. By targeting we mean building a profile of you based on your surfing behaviour on our website, after which we may contact you by telephone or e-mail based on the interests you have shown in order to offer you FRISS services that you may be interested in. We use HubSpot in order to track and consult these statistics. On this website you can find explanations about all cookies that may be placed by HubSpot;

3. Changes to this Cookie and Privacy Statement

FRISS may make changes to this Cookie and Privacy Statement. All modifications will be published on this page. We advise you to consult this Cookie and Privacy Statement regularly, so that you are always aware of the content of the current Cookie and Privacy Statement.