(Image source: FRISS homepage.)
FRISS (Chicago/Utrecht, Netherlands), a global provider of AI-powered fraud and risk solutions for property/casualty insurance carriers and Guidewire PartnerConnect Solution partner, and insurance core system/platform vendor Guidewire Software, Inc. (San Mateo, Calif.), have announced the FRISS add-on for Fraud Detection, created using the Guidewire DevConnect developer environment, has successfully completed the Ready for Guidewire validation process and is available for download by Guidewire customers in the Guidewire Marketplace.
“Fraud detection tools are becoming increasingly important to insurers. With the strain on the global economy, experts are predicting a rise in fraud rates,” comments Karlyn Carnahan, Head of Celent’s (Boston) North American Property Casualty business. “Pre-integration of fraud tools into a claims or policy admin system allows insurers to rapidly deploy these capabilities and stay ahead of the projected rise in fraudulent claims.”
FRISS’ add-on lets insurers automatically check claims for potential fraud and risks at multiple stages of the claim workflow in Guidewire ClaimCenter. Claim scoring results, including actionable insights, are available to claims adjusters directly within ClaimCenter, according to FRISS. “As an integrated part of an established workflow this add-on ensures claims are screened consistently and processed automatically and quickly. In addition, claims adjustors or investigators can provide feedback on the scoring that supports ongoing training and improvement of the fraud models employed,” a FRISS statement says.
Insurers using FRISS’s Guidewire integration can achieve the following, as described by FRISS:
- Provide straight-through claims processing for meritorious claims by automating fraud scoring capabilities in real-time within the claim’s workflow;
- Trigger automated actions (workflows) within ClaimCenter based on a FRISS fraud score; and
- Help claims adjusters and investigators focus on suspicious claims and provide support to detect and investigate fraudulent claims.
“As an established Guidewire PartnerConnect Solution partner, we are pleased to offer a new automated fraud detection solution. Co-developed and validated with a joint customer, our add-on combines AI and machine-learning with out-of-the-box expert knowledge rules,” comments Bas de Graaf, Global Partner Manager, FRISS. “This add-on supports both operational excellence and digitalization within the claims process, making processes more efficient without losing the necessary controls. Like Guidewire, FRISS has a singular focus on P&C insurance. The combination of a proven core platform provider like Guidewire and an insurtech like FRISS offers insurers the best of both worlds.”
“We congratulate FRISS on the publication of their add-on for Fraud Detection, another important tool in an insurer’s armory,” comments Becky Mattick, VP, Solution Alliances, Guidewire. “Demand for anti-fraud insurance solutions is high, and process automation for fraud identification and management is an important element for insurers in their work to ensure honest insurance.”