Fraud Detection and Risk Assessment Technologies for Insurers
FRISS detects fraud, mitigates risks and supports the digital transformation process of insurance companies.
Our Explainable Artificial Intelligence (XAI) powered risk and fraud detection solutions for underwriting, claims and special investigative units (SIU) help insurers to grow their business. Our platform reduces loss ratios, enables profitable portfolio growth and improves a customer experience.
Incorporating more than ten years of experience, the solutions combine analytics, AI and machine-learning techniques and expert industry knowledge from over 150 implementations worldwide to convert data into actionable insights.
Real-time risk assessment solutions for insurance companies
The real-time FRISS Score can be delivered seamlessly into any core insurance system. It leverages external data sources and the insurers’ own data models.
The extensive insurance knowledge within our platform ensures we understand the challenges of the insurer, highlighting potential, profitable customers.
FRISS has an established reputation of fixed-price implementations that go live within six months at tier one and two insurance companies, as well as require minimal IT resources.
We also help insurance companies to develop fraud detection strategies.
Hybrid detection technologies
The real-time FRISS Score is delivered via hybrid detection, which is a robust, real-time way to combine a variety of technologies, including:
- AI features such as network analysis, text mining and fraud models
- Expert knowledge rules
- Database search
- Anomaly detection
- Machine learning
The FRISS Score is continuously enhanced with new technologies such as image screening and data pooling; personal injury; and workers’ compensation functionalities.
FRISS firmly believes that the scoring should be done as a white box. Seeing insurers need to be able to start with straight-through processing (STP) in underwriting or fast-track in claims, and should be able to monitor and investigate cases with red flags.
Predicting risk at the point of application and detecting fraud in claims automatically saves time and resources while improving customer experience, driving efficient business growth and increasing brand value.
Customer success stories can be found on our company website.
Underwriting risk assessments
Based on AI and machine learning techniques, FRISS’ underwriting solutions enable a real-time intelligent and objective risk evaluation process.
In order to develop a cost-efficient portfolio, it is essential to prevent insurance fraud and high risk by having a clear picture of potential customers before they enter your portfolio.
Companies can avoid bad risks by combining analytics and AI to allow STP and achieve seamless customer onboarding.
AI-enabled fraud detection on claims
FRISS offers AI-powered fraud detection during the claims process to accurately estimate the potential risks to a claim.
Our technologies automatically identify insurance fraud before claims are paid out. They also decrease loss ratios by increasing the chances of fraud detection and minimising false positives.
In addition, the solution uses an intelligent detection engine that fast-track claims and automatically raises red flags to improve the customer experience.
FRISS’s solutions enable investigators to efficiently manage workloads, record all findings, ensure cohesion between files, take adequate measures and report in a structural manner.
They also enhance the flexibility of customised case registration and fraud management.
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Thought LeadersNovember 26, 2018
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227 W. Monroe Street, suite 5200