FRISS, a risk identification and fraud detection platform for property insurers, has partnered with VMSolution to improve claims processing.
VMSolution is an automation and risk calculation service provider for the motor insurance industry. Clients can use its technology to ease the claims process with a consumer only needing a mobile phone and the vehicle identification number to make a claim.
In addition to this, VMSolution enables insurance companies to conduct detailed analysis and evaluate their vehicle insurance portfolio to anticipate potential loss and damages.
Through the FRISS and VMSolution partnership, companies will be able to leverage AI technology to evaluate motor insurance claims via the FRISS platform, where it will be validated. When a customer has been authenticated and approved for a ‘fast pay-out process’, the customer simply uses their mobile device camera and it will build a 3D model of the vehicle and its damages.
This information is then sent to the insurer’s claim system and the repair costs will be calculated in real-time and details will be complied so immediate payments can be made.
FRISS general manager Nicola Virzi said, “The link between ClaimLine and FRISS has extended the platform’s claims processing capabilities. In addition to possible fraudulent intentions, the platform also identifies positive factors that qualify a customer for possible “quick claim processing. Integration of the calculation result maximizes efficiency and makes the pay-out process easy to audit.”
FRISS is an AI-powered anti-fraud and risk detection solution developer for P&C insurance companies. Its end-to-end fraud analytics supports real-time assessments to improve claims and underwriting processes.
Earlier in the year, FRISS opened a new office in France to help increase its efforts in fighting fraud within the insurance industry.
Copyright © 2018 RegTech Analyst
