FRISS, an AI-powered fraud and risk solution provider for the P&C insurance space, has extended its partnership with Munich Re.
The agreement adds to an existing contract where the two parties are working together in Latin America and Iberia to combat fraud and mitigate risks at P&C insurers. This new deal will see them work together worldwide.
FRISS will offer an integrated combination of AI, predictive models, network analysis, and text mining, and more than 600 risk and fraud indicators. These can be used for real-time risk assessments at underwriting, fraud detection at claims and investigations at the special investigation unit.
This will be integrated into Munich Re’s consultative portfolio to help improve customer services and better protect them from fraud.
Joachim Mathe, head of Munich Re’s global consulting, said, ”Many of our insurance clients see the need to increase efficiencies, reduce claims costs and improve their competitive edge by an increased use of automation.
“To take full advantage of these new opportunities, insurers must arm themselves with relevant digital and data analytics competency including a modern IT system supporting such competences. The combination of our strategy expertise and global player know-how with AI-powered fraud and risk solutions provided by FRISS, will help our clients make effective big picture decisions.”
FRISS has had a very active year. To support its growth, it has opened new offices in the UK and France over the course of the year.
The company has also formed a number of other partnerships. Earlier this month, Sapiens International Corporation, a provider of software solutions for the insurance industry, agreed to leverage the FRISS platform to help it tackle fraud and risk challenges.
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