Fighting Fraud with AI is Now a Topic on Agenda for Insurers

Insurance CIO Outlook | Friday, March 27, 2020

Christian Van Leeuwen, CTO & Co-Founder

Fighting insurance fraud is becoming a part of companies’ DNA, and it enters a new era with AI and predictive analytics.

FREMONT, CA: FRISS, an international and fast-growing group of talents dedicated to fighting insurance fraud, has enabled ERGO Germany to accelerate its claims management process successfully. FRISS assists ERGO Germany in the process of digital transformation and allows it to leverage Artificial Intelligence (AI) to optimize its portfolio to provide better customer service. ERGO Germany incorporates the solution in the personal motor, property, and liability lines of its business and enabling a smooth experience for the customer was the critical factor in the project. The imposition follows the successful FRISS projects at ERGO in Austria, Greece, and Lithuania.

“It is fantastic to see that our long-term partnership with ERGO added a new chapter to our cooperation. Their vision of supporting the honest customer in the best possible way with state-of-the-art digital initiatives is a perfect match with FRISS. We are delighted to contribute to their digital transformation program and speed up the claims management process with our AI-powered risk assessment solution for their claims departments,” remarks Nicola Virzi, General Manager FRISS DACH.

As more devices and apps deliver instant gratification, it sets a new standard for customer expectations. It is no surprise in today’s digital era that customers demand what they want and expect them to be addressed instantly. Online shopping is not just confined to e-commerce any more, so how do insurers keep up? Championing technology could be the best way! The industry is created to protect people from the dangers of risk and is built on customer trust. But as technology adoption increases, fraudulent activities are also on the rise. When the damage is translated into real figures, it can cost billions. But the good news here is that FRISS has taken this battle against fraud seriously and is helping insurance companies tackle fraud. “Insurance fraud is unacceptable and needs to be addressed immediately to break the vicious cycle and regain trust,” says Christian Van Leeuwen, CTO, and Co-founder at FRISS.

FRISS is dedicated to supporting honest insurance by delivering automated fraud detection and risk mitigation solutions to property and casualty insurance firms across the globe. The company harnesses all forms of AI tools available from general AI to product AI to custom AI and offers the most cutting-edge solutions for fraud analytics. The company believes that the battle against fraud cannot be won by having AI just as a catchphrase. At the core of its solutions is the real-time FRISS Score—indicating the risk associated with each claim and policy and providing a clear picture of their risk and how they handle a fraudulent situation.

“With a FRISS score, claims adjusters, underwriters, and fraud investigators can always explain to customers or agents, the reason behind the system denying a claim. At FRISS, we firmly believe that the FRISS Score should be a white box, delivering actionable insights using techniques such as visualization,” asserts Van Leeuwen.

Following a stringent implementation methodology that translates into successful outcomes, FRISS is listed among the Top 10 Artificial Intelligence Solution Providers, featured by Insurance CIO Outlook. FRISS is continuously researching on new data sources and fraud detection tactics to enhance their portfolio. Retaining its focus on delivering solutions to manage insurance fraud to its best, the company caters to the present needs of the customers. Stressing on the AI-based knowledge acquisition continuum and its application, the company envisions creating an ideal platform that becomes the benchmark for the trustworthy, honest insurance.

Check this out: Top Fraud And Breach Protection Companies

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