FRISS, an AI-powered fraud and risk solutions provider, has partnered with Guidewire to develop a plug-and-play solution for fraud and risk management related claims support.
The new solution will be developed using DevConnect, a Guidewire developer platform that gives access to a host of technologies to insurers.
The FRISS add-on will provide plug-and-play access to fraud scoring in real-time which will enable insurance firms to implement the fraud solution quickly and without cumbersome IT projects.
By offering processing efficiencies, the plug-and-play solution will allow the underwriters to stop the payment of fraudulent claims instantly.
This will be done using risk and fraud indicators, network analysis, predictive models, and text mining.
According to FRISS, the new add-on solution can be implemented in just minutes and it does not need any programming.
Once implemented and connected with Guidewire ClaimCenter, the FRISS add-on for fraud detection will automate claims checking at defined stages, offer actionable intelligence to adjusters as the claim is processed in real time.
Further it will inform insurers about the next steps in the claim process such as settlement, investigation or risk management actions.
FRISS global partner manager Bas de Graaf said: “With both the existing Ready for Guidewire accelerators available in the Marketplace and the new add-on, FRISS saves insurers time and helps improve their customers’ experience.
“This technology enables fast track claim handling with immediate pay-out for low to no-risk claims as well as blocking of payments and automation of workflows like a further investigation for high risk claims.
“By preventing payment on fraudulent claims, our integrated solution enhances usefulness of Guidewire ClaimCenter and saves carriers millions on fraudulent claims, delivering a near-instant ROI.”