(Image source: FRISS.)
FRISS (Utrecht, Netherlands), a global provider of AI-powered fraud, risk and compliance solutions for property/casualty insurance carriers and Guidewire PartnerConnect Solution partner, that it has secured a $6 million investment from Guidewire Software (San Mateo, Calif.), who are adding onto the recently announced $65 million Series B funding round led by Accel-KKR (Menlo Park, Calif.), a global technology-focused private equity firm.
FRISS says the investment will allow the company to deepen its integration with Guidewire PolicyCenter and ClaimCenter and expand the seamless risk assessment experience, thereby enriching the value delivered on Guidewire customer projects.
FRISS describes its mission as making insurance more honest by stopping fraudsters before they harm sincere customers. The company pitches the FRISS platform as offering end-to-end support through the full policy lifecycle. The vendor says its solutions for underwriting, claims, and special investigations are fueled by an instant-on combination of powerful AI, text mining, image analytics, geolocation, predictive models, internal and external data sources and expert knowledge rules. This ensures a holistic view of risks for each policy request, renewal or claim, while staying fully compliant throughout the process, the vendor says. Last year, FRISS says that, working with its customers, it helped to save the insurance industry over $1 billion in fraudulent claims being prevented or not paid out.
“The FRISS solutions have set the standard for end-to-end fraud analytics and deliver analytical insights to improve the quality of business decision-making,” comments Mike Chen, VP, Corporate Development and Ventures, Guidewire. “This investment is in line with Guidewire’s data and analytics vision, an area of keen interest for us. We are committed to helping insurers leverage data and analytics to tackle challenges in underwriting and claims so they can provide excellent customer service. Investing in companies like FRISS helps us meet that objective.”
“I’m thrilled to see our long-term partner Guidewire investing in FRISS. The shift to technology for data analytics as a service is more profound than the cloud transformation we’ve gone through in the past decade,” comments Jeroen Morrenhof, co-founder and CEO, FRISS. “Thanks to the real-time analytics we provide directly from Guidewire core systems, an insurer’s employees are empowered by insights that go way beyond their sight, in a fraction of the time it would have cost them. By investing in FRISS, Guidewire supports our quest for honest insurance, meaning we can further enhance these risk insights for insurers to really enable a safe digital transformation.”