Insurance fraud is a serious issue for the entire insurance sector. Payment of fraudulent claims has a negative effect on the loss ratio and on insurance premiums, which results into a competitive disadvantage. Moreover, investigating ‘false positives’ takes a huge amount of time and unnecessary costs. Fraudsters are getting smarter in their attempts to evade the insurer’s radar. As a consequence, money flows to the wrong people and thus combined ratios are under pressure. 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.
Software platform for insurance fraud and risk
FRISS has 100% focus and dedication to fraud detection and risk mitigation for non-life insurance companies worldwide. FRISS helps insurers to improve their combined ratio in order to achieve profitable portfolio growth and enhance the perception in the market as a trustworthy insurer. FRISS believes in honest and fair insurance premiums, for everyone.
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 (the FRISS Score). The higher the score, the higher the potential risk of fraud.
As a proven standard the FRISS Score enables better decisions. It is the core of the solutions and indicates the risk for each quotation, policy or claim. FRISS cares for its customer before, during and after implementation. The FRISS Learning Cycle supports a journey of continuous improvement to sustain for the future.
Why we selected FRISS to ‘show and tell’ at DIA Barcelona
FRISS is live in 8 weeks and has a ROI within 12 months, due to the experience with 60+ implementations at insurers. Customer specific configuration is the main part. Rather than general purpose analytic software or home-grown systems that have to be built from scratch, FRISS is largely pre-built and therefore a ready-to-use business solution.
For three years in a row FRISS has won or was nominated for three prominent awards for high growth and innovation: Deloitte Technology Fast 500 EMEA, Main software 50 and FD Gazellen Awards. And FRISS is recognized by Gartner as the European market leader.
Who is FRISS?
FRISS is founded in 2006 by Jeroen Morrenhof (CEO) and Christian van Leeuwen (CTO). Both will be present at the DIA. Both founders worked over 20 years for the insurance industry. The company has been built upon the strong belief that committing fraud is unacceptable. The mission of FRISS is to support honest insurance worldwide. By working every day to build the best FRISS Score we want to prevent abuse and reward integrity.
Presenting at DIA Barcelona
Jeroen Morrenhof, CEO
Christian van Leeuwen, CTO