Munich Re, insurtech FRISS plan global expansion

FRISS, an AI-powered fraud and risk insurtech, announced its partnership with Munich Re, reinsurance risk provider, will be extended. The extension now allows FRISS and Munich Re to support insurers’ fight against fraud globally.

After a successful pilot with Latin America and Iberia, FRISS and Munich Re are moving to support additional companies around the world.

“The combination of our strategy expertise and global player know-how with AI-powered fraud and risk solutions provided by FRISS, will help our clients make effective big picture decisions,” shared Joachim Mathe, Head of Munich Re’s Global Consulting.

FRISS’s and Munich Re’s collaboration will combine the former’s hybrid AI, predictive models, fraud indicators and networking analysis with Munich Re’s digitalization for real-time risk assessments in underwriting and fraud detection at the special investigation unit.

Insurers also benefit from the extended offering from the companies. Together, carriers will receive more efficient operation and improved customer experience due to a faster method of customer service.

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The headquarters of Munich Re stand in Munich, Germany, on Tuesday, Aug. 4, 2009. Munich Re, the worldÕs biggest reinsurer, said second-quarter profit rose 14 percent on higher investment income and the sale of a stake in a U.K. insurer. Photographer: Guenter Schiffmann/Bloomberg

“This is a confirmation of trust after our fruitful cooperation we have had for years in Latin America and Iberia. As an established Insurtech, FRISS helps insurers to transform their business. Together with Munich Re we can enable the digital transformation of our clients even better. We will globally work on making insurance more honest,” says Ariane Braam-Verkoren, SVP Global Alliances at FRISS.

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