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16th May 2018
Global provider of fraud and risk solutions FRISS joins Guidewire PartnerConnect
Guidewire Software today announced that FRISS, the global provider of fraud and risk solutions for the P&C insurance industry, has joined Guidewire PartnerConnect as a Solution partner. In addition, the FRISS Fraud Detection at Claims accelerator, which speeds the integration between FRISS and Guidewire ClaimCenter, has successfully completed the Ready for Guidewire accelerator validation process. This designates that it has been through a rigorous review process that supports readiness for integration with Guidewire products. The accelerator is for use in personal lines of business, motor and property, and is available for download at no cost by Guidewire customers globally via Guidewire Marketplace.
“Fraud is a serious issue for the insurance industry, with significant negative impact on insurance premiums,” said Jeroen Morrenhof, ceo and co-founder of FRISS. “Fraud management is vital. The investigation of “false positives” often consumes time and money, and can impact on customer satisfaction, as well as resulting in competitive disadvantage. FRISS’s Fraud Detection at Claims accelerator helps insurers resolve these challenges, and the result is that claims adjusters are guided through a time-saving and systematic fraud and risk detection process.”
“Carriers are looking to improve their ability to find value in the new world of analytics by gaining insights at the point of need,” commented Karlyn Carnahan, head, The Americas, for analyst Celent’s property casualty insurance practice. “Instead of running reports after the fact, the deep integration of fraud analytics into the claims process allows carriers to deliver actionable intelligence to adjusters as the claim is processed real time. Not only will this deliver processing efficiencies, but the biggest potential gain is in the value that real time information can offer when settling a claim.”
FRISS’s Ready for Guidewire accelerator, through its integration with ClaimCenter, supports insurers by providing streamlined processing for fraud and risk management that comprises:
-A real-time and AI powered risk indicator for each claim;
-A risk score for use in defining next steps: settlement, investigation or risk management action;
-Automated claims checking at defined stages; and
-User-friendly follow-up research and data capture.
“FRISS’s Fraud Detection at Claims accelerator for Guidewire ClaimCenter provides claims teams with better insight into potential fraud and risk, as well as supporting those teams in effective cost and time management,” said Becky Mattick, director, Global Solution Alliances, Guidewire Software. “Fraud management claims solutions are very important. We welcome FRISS as a PartnerConnect Solution partner.”
FRISS has a 100% focus on automated fraud and risk detection for P&C insurance companies worldwide. The AI powered detection solutions for underwriting, claims and SIU helped 150+ insurers to grow their business. FRISS detects fraud, mitigates risks and supports digital transformation. Insurers go live within 6 months, with fixed price projects, and realise an ROI within 12 months. The solutions help to lower the loss ratio, enable profitable portfolio growth, and improve the customer experience.
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