(Image source: Polonious homepage.)
FRISS (Chicago/Utrecht, Netherlands), a global provider of fraud, risk and compliance solution for property/casualty insurers, has announced its acquisition of Polonious, a provider of software for special investigations and case management. FRISS characterizes the acquisition enabling it to better to support claims departments, special investigations units and private investigations firms. A FRISS statement says the feature-rich Polonious product will improve its investigations capabilities worldwide, closing the loop by bringing in more data, fraud schemes and trends. Polonious has 40 insurance customers across the U.S., Canada, Australia and New Zealand.
Polonious customers report the ability to increase case throughput by up to 38 percent and reduce administration costs nearly 25 percent by automating repetitive manual tasks, according to the FRISS statement. The product helps unburden IT resources through a no-code solution, configurable user interface, and the availability of a wide range of workflows. FRISS says that Polonious became the number one choice for special investigation units in the insurance industry by combining technology advancement and subject matter expertise. The system can be configured to maximize any investigation workflow and includes full reporting and time-saving process automation capabilities.
“I’m excited with the tremendous opportunity this acquisition brings for the insurance industry,” comments Alastair Steel, co-CEO, Polonious. “FRISS and Polonious share their vision on how to protect the industry from malicious behavior with future proof solutions, which greatly benefits sincere customers. I’m convinced that Polonious customers are in great hands moving forward.”
“Polonious is the character known to be Hamlet’s trusted advisor, and that is exactly what the company reflects—they are renowned for their subject matter expertise within the insurance industry” says Jeroen Morrenhof, co-founder and CEO, FRISS. “This falls perfectly in line with what FRISS offers.”
“It is a key element of our mission to fight fraud by closing the loop between departments,” Morrenhoff adds. “With Polonious we add a vast amount of features and data to our already sophisticated AI-powered fraud analytics platform. This acquisition is a giant leap toward honest insurance.”
“As a leading Insurtech solution provider, FRISS really is the guiding light towards the future of risk assessment and fraud detection,” says Rick Shepherd, President, Polonious Systems. “We can’t wait to join their team and bring Polonious’ distinguished efficiency and full-blown SaaS solution to their already robust suite of products.”
TD Insurance Adopts FRISS AI-Based Risk Scoring to Fight Fraud