(FRISS headquarters in Utrecht. Source: FRISS.)
Cognitive claims management service provider omni:us (Berlin), and FRISS (Utrecht, Netherlands), a global provider of artificial intelligence (AI)-powered fraud and risk solutions for the property/casualty insurance industry, have announced a partnership. The products of the companies complement each other by delivering AI capabilities that allow insurers to embrace digitalization, improve the efficiency of their claims process, and deliver better customer experiences, according to a FRISS statement. omni:us’ customers expedite their claims turnaround time by 80 percent and at up to 75 percent of the original cost, the statement notes.
FRISS notes that the digitization of unstructured documents is an excellent entry point in the risk assessment of policy documents and claims statements by FRISS, and that data extracted by omni:us can be used for fraud detection in claims and risk assessment in the underwriting process.
According to the German Insurance Association (Gesamtverband der Deutschen Versicherungswirtschaft) 10 percent of all paid claims are fraudulent. AI technologies can combat fraud by analyzing vast amounts of data in real-time. FRISS says that the effects of both providers’ solutions can help insurers to significantly reduce their costs while simultaneously improving customer service. The companies say their solutions exemplify a new industry standard procedure of automated claims settlement and fraud detection. Prominent insurers currently use solutions from FRISS and omni:us, both of which operate internationally and offer their products in various languages and countries. The partnership covers all common markets.
“Artificial intelligence plays an important role in digitalization,” comments Sofie Quidenus-Wahlforss, founder and CEO, omni:us. “Currently, AI technologies can be used in numerous ways – but unfortunately, adoption rates are low. Together with innovative partners like FRISS, we want to drive and shape the transformation process of the insurance world.”
Delivering Actionable AI
FRISS’s goal is to make insurance more honest, according to Christian van Leeuwen, the company’s co-founder and CTO adds: “We cannot achieve this alone, therefore, we are always looking for partnerships that add value to our FRISS Score,” he says. “omni:us is exactly such a partner that brings in modern functionality, delivering actionable AI that really helps our customers in digitalizing documents to data that helps power the FRISS Score. Together we can bring the fight against fraud to the next level.”