Insurance fraud detection specialist FRISS and the National Insurance Crime Bureau (NICB) have joined hands to helps their clients to combat insurance fraud.
NICB collects, evaluates, and distribute information to support its member companies in detecting fraud.
The partnership will enable mutual members of NICB as well as FRISS’ customers to access and integrate NICB information to perceive insurance fraud.
Under the terms of the collaboration, insurance firms combine NICB data into their automated fraud scoring process. It will ensure that cases with connection to known fraud can be held and examined instantly.
Insurers get alerts from the FRISS Score about potentially fraudulent claims in real-time. The solution also offers actionable insights and indicators to ensure complete accuracy and transparency of the score.
The FRISS said that its solution can be combined with any modern or legacy core system.
NICB president and CEO Joe Wehrle said: “We see this partnership as a positive step in making sure our members and FRISS customers have the tools needed to combat the challenges associated with insurance fraud.
“Building strategic partnerships like this reinforce our commitment to helping our members with cutting edge technology. It’s another example of why NICB continues to be the insurance industry thought leader in the fight against insurance crime.”
FRISS CEO and co-founder Jeroen Morrenhof stated: “Our mission at FRISS is to make insurance more honest and partnering with NICB brings us a giant step closer to helping carriers instantly identify claims that are likely to be fraudulent.
“They can now execute smarter investigations quicker, deny payments on fraudulent claims and provide their honest clients with a supreme customer experience.”
Since its inception in 2006, FRISS solution has been deployed by more than 175 times at insurance carriers across the globe.