(Image source: FRISS.)
FRISS (Utrecht, Netherlands), a provider of AI-powered fraud, risk and compliance solutions for property/casualty insurance carriers, today announced the acquisition of Terrene Labs. FRISS characterizes the acquisition of Terrene, a Chicago-based provider of comprehensive risk insights to commercial insurers, as a fundamental addition to the FRISS product family. Through the acquisition commercial lines underwriters at FRISS clients will have access to thousands of actionable insights within just 5 seconds, replacing a disjointed manual and limited enrichment process that previously took up to a week and delayed policies for quality customers, according to a FRISS statement.
“We’re bringing commercial lines to the digital age together,” comments Jeroen Morrenhof, co-founder and CEO, FRISS. “True risk insights were always hard to access and we’re changing that. Combined with the analytics capabilities of FRISS, vast data will no longer be so overwhelming—our customers can now make better decisions and they can make them much faster.”
FRISS notes that with the addition of the Terrene team, the company has over 1,000 years of combined insurance experience. The vendor says customers will be able to take advantage of the full end-to-end product suite to screen submissions, policies, endorsement, renewals, book rollovers and claims, utilizing a trove of data sources, images, and social networks, all in real-time through a holistic approach applying predictive analytics and AI.
FRISS reports that the Terrene acquisition follows its announcement of a record year, during which the company achieved 58 percent revenue growth and doubled its client base in North America. FRISS sees Terrene as an important factor in enabling greater growth in the region.
FRISS Underwriting Insights
Terrene products will join the FRISS product suite as Underwriting Insights, available immediately as a standalone product, and soon to integrate with the end-to-end solutions already offered by FRISS, according to the vendor.
FRISS and Terrene tackle all aspects of insurance fraud detection and risk insights respectively. FRISS calls their respective offerings highly synergistic, working seamlessly to solve the issues carriers face in their quest toward end-to-end digital underwriting. Combined, FRISS says the two entities deliver instant protection against unwanted risks, helping revitalize insurance so that carriers can focus on an efficient customer experience without the looming threat of dishonesty.
“Carriers have to be smarter and quicker in the way they assess risk in today’s dynamic environment, and that’s what our team helps them do,” comments Piyush Singh, founder and CEO, Terrene Labs. “We’re excited to join the forward-thinking vision of the FRISS team to accelerate the mission to solve our customers’ most pressing issues together.”