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FRISS (Chicago/Utrecht, Netherlands), a provider of AI-powered fraud and risk analytics for property/casualty insurers, and the National Insurance Crime Bureau (NICB; Des Plaines, Ill.), a not-for-profit organization dedicated exclusively to fight insurance fraud and theft, have entered into a strategic partnership. The partnership will allow insurers to seamlessly incorporate NICB data into their automated fraud scoring process, enabling the efficient identification and investigation of cases with ties to known fraud.
NICB gathers, analyzes, and disseminates information to support its member companies in detecting fraud. The partnership provides a way for mutual members of NICB and customers of FRISS to access and incorporate NICB information to detect fraud, according to the organizations’ announcement.
“We see this partnership as a positive step in making sure our members and FRISS customers have the tools needed to combat the challenges associated with insurance fraud,” comments Joe Wehrle, NICB President and CEO. “Building strategic partnerships like this reinforces our commitment to helping our members with cutting edge technology. It’s another example of why NICB continues to be the insurance industry thought leader in the fight against insurance crime.”
FRISS, founded in 2006 has had its solution implemented over 175 times at carriers worldwide. The FRISS Score alerts insurers in real time to potentially fraudulent claims. Actionable insights and indicators are displayed to ensure the score is accurate and transparent, and that the case can be handled properly and efficiently. The FRISS Solution can be integrated with any modern or legacy core system.
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“Insurance fraud has a profound societal impact,” comments Jeroen Morrenhof, co-founder and CEO, FRISS. “It doesn’t just hurt insurers. In fact, the average family pays hundreds more in premiums than they should each year, all because of dishonest customers. Our mission at FRISS is to make insurance more honest and partnering with NICB brings us a giant step closer to helping carriers instantly identify claims that are likely to be fraudulent. They can now execute smarter investigations quicker, deny payments on fraudulent claims and provide their honest clients with a supreme customer experience.”