(Image credit: Adobe Stock.)
FRISS (Utrecht, Netherlands/Chicago), a provider of AI-powered fraud and risk analytics for property/casualty insurers, has entered into a partnership with Snapsheet (Chicago), a provider of software services for insurance carriers. The partnership will enable Snapsheet customers to benefit from seamless fraud detection, built directly into their core system and everyday workflows, according to a statement from FRISS.
“We applaud Snapsheet’s ability to help carriers provide their customers with services at the speed they demand,” noted FRISS CEO and Co-founder Jeroen Morrenhof. “We’ve worked closely for several years now, and it was obvious we could help carriers move forward faster when we work not only closely, but closely together.”
Partnering for Honest Insurance
The two vendors seek to address a classic insurance/technology conundrum: while offering consumers speedy service and optimized experiences is an important step in remaining competitive and sustainable, it invites an unfortunate side effect: fraud. Digitized processes and removal of the human element make it easier than ever to commit opportunistic insurance fraud. Fraud accounts for over $80B in the US property/casualty market alone, costing the average family hundreds of dollars more in premiums each year. Honest customers are subject to unnecessary scrutiny while fraudulent claims continue to be paid—results that are harmful to the insurer/policyholder relationship, the reputation of the insurance industry, and to efficiency in claims processing.
The FRISS solution allows carriers to automatically detect fraudulent claims, combining AI and machine learning, expert knowledge rules, internal and external database checks, text analysis and network link analysis in real time, according to the vendor. The FRISS Score provides an instant indication of the likelihood that a claim is fraudulent, and provides actionable insights non-technical staff can use to decide the next best actions to take.
Boosting Customer Experience
“Snapsheet’s partnership with FRISS is just one example of how we are continuing to innovate our technology to meet evolving customer needs,” comments Brad Weisberg, CEO, Snapsheet. “Through Snapsheet Claims, customers gain a cloud-native, API-driven claims platform that can easily and quickly integrate with third-party vendors to ingest any data from any source, while connecting with existing systems. Whether it’s finding new ways to reduce cycle times or boost customer experience, we have strategically built our technology to be conducive to seamless integrations.”
FRISS describes the indications its technology provides within Snapsheet as being as simple as a traffic light: Green means go, encouraging the fastest possible processing of legitimate claims; yellow indicates a need to slow down and look both ways; while a red light, indicative of a high likelihood of fraud, should cause a carrier to stop and investigate before paying a claim.
“Fraud detection is a complex process,” comments Dan Gumpright, FRISS’s Global VP of Products. “FRISS is here to simplify that process for carriers and plugging directly into their core system allows us to do just that. We want to make it as easy as possible to spot suspicious claims and give investigative teams a jump-start to a successful investigation.”