FRISS, a fraud and risk solution developer, has partnered with insurance software platform Snapsheet.
By leveraging FRISS’ technology, insurance carriers can automatically detect fraudulent claims. It works by combining AI and machine learning, expert knowledge, internal and external database checks, text analysis and network link analysis in real-time, to find traces of fraud.
The FRISS Score gives an idea on how likely a claim is to be fraudulent and gives actionable insights to improve decisions.
Snapsheet builds AI-powered claims management systems which insurers can use to improve their claims estimation processes and make better decisions.
The InsurTech will integrate its anti-fraud technology into FRISS, giving its clients an in-built fraud detection solution.
Snapsheet CEO and co-founder Brad Weisberg said, “Snapsheet’s partnership with FRISS is just one example of how we are continuing to innovate our technology to meet evolving customer needs.
“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.”
Last year, FRISS extended a partnership with Munich Re to support its anti-fraud efforts. The companies are working together in Latin America and Iberia to mitigate fraud risks in P&C insurers.
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