When you hear Fraud, think FRISS.

FRISS Demo, Dig|In 2019

Founded:

2006

Company Website:

www.friss.com

Product Name:

FRISS Platform

Product Description:

FRISS is 100% focused on automated fraud and risk detection for P&C insurance companies worldwide. Their AI-powered detection solutions have helped 150+ insurers grow their business. FRISS detects fraud, mitigates risks and supports digital transformation while helping lower the loss ratio, grow profitable portfolios and improve the customer experience.

The real time FRISS Score, which indicates the risk for each policy or claim, is the core of our solutions. The AI-powered score combines over 1,000 years of expert business knowledge, your specific business configuration, proprietary data and external data sources. It provides actionable insights to let you stay in control of your portfolio and payments.

What makes your company or product great?

The FRISS platform integrates over 1,000 years of insurance business knowledge with today’s most advanced self-learning models and AI technology to provide a seamless experience for employees and customers. Our hybrid detection platform integrates with all core systems making it incredibly easy for insurers to grow a profitable book of business, spot likely fraud instantaneously, and organize their investigations.

Who is your target market?

P&C insurance carriers worldwide

What is your best success story?

As a market leader, insurer Anadolu Sigorta set the example with FRISS. They realized 210% ROI within a year and a total cost saving of $6 million by not paying out on proven fraud cases. Time to score a claim went down from 15 days to 2.3 seconds. The advanced network analysis stops opportunistic fraudsters and organized fraud. Multi-claimers and fraudulent repair-shops are blacklisted. Suspicious agents are monitored. Their customers also benefit from better service.

FRISS has strong partnerships with all core systems vendors and other key stakeholders like MunichRe, EY, KMPG, etc. to ensure our customers get the most value out of our solution.