Underwriting Automation and Data-Driven Solutions to Prevent Frauds
The insurance sector has been facing the horrendous impact of fraudulent activities for years. According to the research of RGA, Asia Pacific is the most affected region with a rate of 44 percent, and 48 percent of insurance companies have mentioned of frauds assisted by the agents. Today, fraudulent activities can be easily detected by deploying proper technology. Data and analytics have a vital role to play in fraud detection. Insurers have identified some areas where this kind of fraudulent activity generally takes place. These areas are underwriting and claims, the forms for risk declaration and claim notification, digital transformation, and pricing. The solution providers have to channel their anti-fraud activity precisely in these areas.
FRISS is a global provider of fraud detection software to insurers. The AI-powered software by FRISS helps to detect abnormal claims, reveals networks, and discovers hidden patterns. More than 150 insurers in 35+ countries are using SaaS-based solutions to enjoy better revenue. These solutions get amalgamated in other core systems such as Duck Creek, Guidewire, and Keylane.
The solution by FRISS offers a real-time chance to detect fraud by providing structured and uniform screening. The company believes in the automation of underwriting deploying data-driven technology. It leverages internal and external data sources and allows predictive analysis more space, to work properly. FRISS Investigations enables the insurer to increase productivity and manage workloads. This solution is user-friendly and open to any core system. FRISS solution digitalizes underwriting and claim processes and helps in improving customer experience.
FRISS has recently decided to lead its business in France. They are also introducing an expansion in the team by introducing Nicolas Kaploun as the country manager. Kaploun has previously led Salesforce, Genesys, Business-Objects, and MicroStrategy with success, and his inclusion will help the company to gain proper knowledge about the French market. This expansion to France can be marked as a further growth after Series A funding in 2017 by Blackfin Capital Partners and Aquiline Technology Growth. The innovative and automated solutions by FRISS will enable them to have a better grip over the French market.