Re/insurance major Munich Re has extended its contract with Dutch firm FRISS to help insurance companies across the globe counter fraud.
The extension of the contract follows successful cooperation in Latin America and Iberia.
FRISS, which offers AI-powered fraud and risk solutions to the property and casualty insurers, will work with Munich Re to support insurance companies in fighting against fraud and mitigating risks worldwide.
FRISS offers an integrated hybrid combination of AI, network analysis, predictive models, and text mining and more than 600 out-of-the-box risk and fraud indicators.
By using these technologies, the insurance companies can assess the risk at underwriting in real-time, spot fraud during claim processing and get the case probed by the special investigation unit.
Munich Re will provide these services as part of its consultative portfolio to help the customer beyond traditional reinsurance services.
Munich Re head of global consulting Joachim Mathe said: “Many of our insurance clients see the need to increase efficiencies, reduce claims costs and improve their competitive edge by an increased use of automation.
“To take full advantage of these new opportunities, insurers must arm themselves with relevant digital and data analytics competency including a modern IT system supporting such competences.
“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.”
In August, Munich Re launched its new hurricane response tools to help insurers assess property damage following a hurricane and improve their customers’ claims experience.