TD Insurance (TDI) has implemented FRISS’ AI-powered fraud risk scoring services to combat the rising prevalence of insurance fraud in Canada.
A report from the Insurance Bureau of Canada claims fraud costs Canadians upwards of $1bn annually.
To combat this rise, TDI has expanded its manual and analytics-based fraud detection and prevention capabilities with FRISS’ technology. It hopes this will help it better detect suspicious and fraudulent claims during the claims adjudication process.
It implemented the FRISS Case Management Tool and Claims Fraud Detection solution in June 2020. In June 2021, it extended its partnership with the integration of FRISS into its claims management system, Guidewire ClaimCenter. This service activated real-time fraud risk scoring and flagging potentially fraudulent claims.
TD Insurance senior vice president Sona Mehta said, “When false or exaggerated claims are processed and paid out, it’s the honest customers who pay for them.
“AI-driven detection and analytics is helping our detection and prevention teams better understand, identify, and more accurately prevent fraud faster. Our investments in this space help better protect our honest and valued customers when they need us most.”
TDI is also a participant in the Équité Association, a consortium created by and made up of Canadian insurers to fight fraud.
Late last year, FRISS raised funding to support the development of its software for P&C insurance firms. It also raised $65m in its Series B funding round in June 2021.
Copyright © 2018 RegTech Analyst
