(Image source: FRISS website.)
FRISS (Utrecht, Netherlands), a provider AI-powered fraud and risk solutions for the property/casualty insurance industry, has extended its partnership with Munich Re (Munich), to support global collaboration. The contract extension follows successful cooperation in Latin America and Iberia, according to a joint statement from the two companies. FRISS will work with Munich Re’s Global Consulting Unit, which is tasked with driving transformative change in the insurance industry through the application of data science and digitalization.
FRISS’s solutions provide what the companies characterize as a fully integrated hybrid combination of powerful AI, predictive models, network analysis, and text mining and over 600 out-of-the-box risk and fraud indicators, that are used by insurers for real-time risk assessment at underwriting, fraud detection at claims and investigations at the special investigation unit. Through the partnership, Munich Re has effectively adopted these capabilities as part of its consultative portfolio to bring value to customers beyond traditional reinsurance services.
Munich Re and FRISS say they will combine industry best practices and develop practical solutions to help insurers grow and optimize their business. Insurers will benefit from more efficient operations and fast-track customer service, which increases the customer satisfaction and experience, the companies say.
Enabling Big-Picture Decisions
“Many of our insurance clients see the need to increase efficiencies, reduce claims costs and improve their competitive edge by an increased use of automation,” comments Joachim Mathe, Head of Global Consulting, Munich Re. “To take full advantage of these new opportunities, insurers must arm themselves with relevant digital and data analytics competency including a modern IT system supporting such competences. The combination of our strategy expertise and global player know-how with AI-powered fraud and risk solutions provided by FRISS, will help our clients make effective big-picture decisions.”
“I’m extremely happy with the extension of our partnership with Munich Re,” comments Ariane Braam-Verkoren, SVP Global Alliances, FRISS. “This is a confirmation of trust after our fruitful cooperation we have had for years in Latin America and Iberia. As an established InsurTech, FRISS helps insurers to transform their business. Together with Munich Re we can enable the digital transformation of our clients even better. We will globally work on making insurance more honest.”