FRISS, an AI-powered insurtech start-up, has opened an office in the UK to help property and casualty insurers to tackle with insurance fraud.
The company, which also has manages offices in the Netherlands, the US, Germany, France and Chile, entered the UK market as part of the next phase of growth.
The foray into the UK market follows a Series A funding in 2017 by France-based Blackfin Capital Partners and American firm Aquiline Technology Growth.
The new UK office will be headed by Martyn Griffiths, who has worked with General Accident, NZI Insurance in New Zealand and FAI Insurance in Australia. He previously also worked with Zurich.
Subsequently, Martyn joined the big data company Experian, where he worked with insurers and brokers to understand the benefits of business and consumer information in commercial insurance across the customer journey.
Griffiths said: “One of the great strengths of FRISS is to make use of external data providers in the risk scoring process. With the high maturity in the UK market regarding data availability, FRISS expects to make a difference for P&C insurance companies to improve their claims and underwriting process.
“Lowering risks during the application process and improving the claims process by finding more fraud, lowering costs and support straight through processing (STP) initiatives.
“Especially with the inquiries we have received in the past months, we feel the UK is ready to fight fraud with our AI-powered solutions. I feel that the moment is now for insurers to start leveraging the predictive modelling and machine learning capabilities of the FRISS platform to automate their fraud efforts. This will help insurers lower their loss ratio and help focus on the sincere customers.”