(Image source: Gore Mutual.)
Gore Mutual (Cambridge, Ontario), Canada’s oldest property and casualty insurer with over $500 million in premiums, has selected the FRISS platform as part of the insurer’s large-scale transformation. FRISS (Utrecht, Netherlands) will enable real-time fraud detection and prevention in both underwriting and claims, and will also support the company’s special investigation efforts, according to a statement from the vendor.
Gore Mutual is currently in the midst of a transformation program aiming to take the organization from a mid-size, regional carrier to a national scale insurer underpinned by best-in-class technology and operating models in only a few years.
Partnering with FRISS will allow Gore Mutual to further enhance their advanced anti-fraud capabilities. The FRISS solution provides a unique combination of out-of-the-box risk and fraud indicators with powerful AI techniques such as predictive models, network analysis and text mining, according to the vendor statement. FRISS says these will enable Gore Mutual to take a firmer stance against insurance fraud while enabling more efficient underwriting and claims services for the insurer and its policyholders.
“As part of our transformation strategy, we’re expanding and modernizing all of our technology as we continue to strengthen our operations and increase our digital capabilities and predictive analytics,” comments Neil Weir, VP, Claims, Gore Mutual. “FRISS is a global leader in fraud prevention software and their innovative platform will help us to quickly identify fraud risks throughout the policy cycle allowing us to better serve all of our customers.”
Beacon of Potential
“Canada has always been a beacon of potential for FRISS technology,” comments Jeroen Morrenhof, CEO and Co-founder of FRISS. “According to the Insurance Bureau of Canada, 10 to 15 percent of claims include fraudulent activity, which costs Canadians billions of dollars in added insurance premiums. Our team is delighted to start working with Gore Mutual as part of their transformation and we are excited to help them bolster their fraud prevention capabilities.”
FRISS characterizes its engagement with Gore Mutual as another step in the Netherlands-based vendor’s expansion in North America where its already serves several prominent Canadian insurers.