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FRISS (Utrecht, Netherlands), a provider of AI-powered fraud, risk and compliance solutions for property/casualty insurance carriers, announced that it has closed a $65 million Series B funding round led by Accel-KKR (Menlo Park, Calif.), advised by FT Partners and endorsed by existing investor Aquiline (New York). A FRISS statement says the funding will fuel the company’s rapid growth with additional product innovations, deep market penetration and lines of business expansions. FRISS, which currently serves insurers in over 40 countries, reports that it is on track to deliver over $2 billion in fraud savings to insurers in 2021 alone. The funding round follows FRISS’ April 2021 acquisition of Terrene Labs, a Chicago-based provider of risk insights to commercial insurers.
FRISS describes its offering as real-time end-to-end P&C insurance fraud analytics solutions that cover the complete policy lifecycle from automated underwriting risk assessment to fraud detection during claims and comprehensive case management. The alerts are displayed via seamless integrations with core systems such as Guidewire, Duck Creek, Sapiens, and Keylane, and can pull additional information from a multitude of available data points, creating an holistic view of the risks attached to each policy request, renewal or claim.
In the 15 years since its launch, FRISS has completed over 200 implementations, according to Jeroen Morrenhof, Co-Founder and CEO, FRISS. “With an experienced software investor such as Accel-KKR and all the knowledge that we’ve gained from our presence in the industry, FRISS is ready to scale exponentially through our Series B, taking our mission of accelerating safe digital transformation throughout the policy lifecycle to the next level, bringing every member of the FRISS family along with us for the ride to honest insurance,” he comments.
“We recognize that the insurance industry is tackling challenges on many fronts including cost pressures, the need for efficiency and automation, and ever-rising customer expectations for personalized service at speed,” adds CTO and co-founder Christian van Leeuwen. “FRISS solves these challenges by tapping into the power of digital transformation and leveraging sophisticated AI to automate complex workflows at scale, shine a harsh light on risks at both underwriting and claims while simultaneously elevate and improve the processes for carriers’ employees and their customers.”
Continued Expansion in Established Markets
FRISS is jointly headquartered in Utrecht, the Netherlands and Mason, Ohio, with regional offices in the DACH and LatAm regions, U.K., France and Spain. The company says its new funding will support continued expansions in these markets and beyond and drive additional growth in the current customer base through new product offerings, powered by next generation artificial intelligence.
“Insurance fraud is a massive problem that is increasing in a digital world, and FRISS delivers a differentiated solution by pairing cutting-edge technology and a rich data ecosystem with years of deep industry knowledge and a strong understanding of the customer’s needs,” comments Joe Porten, Principal, Accel-KKR and incoming board member at FRISS. “Accel-KKR has a strong track record in partnering with great entrepreneurs to accelerate growth and create market-leading technology companies. We are excited to support FRISS in the company’s next phase of growth.”