Last week US ICMIF member EMC Insurance Companies, a national property and casualty insurer, and FRISS, a leading provider of insurance fraud detection solutions worldwide, announced a partnership.
“We’re thrilled to be working together with EMC to reduce insurance fraud and further increase profitability,” said Jeroen Morrenhof, FRISS CEO and Co-founder. “We believe insurance is a beautiful thing, and we hate to see honest customers suffer because of the dishonesty of others. We’ve been fighting and reversing this trend for over a decade.”
EMC will take advantage of FRISS’ hybrid detection engine to automatically flag suspicious insurance claims, giving their team actionable insights to begin investigations. The FRISS Solution will also highlight claims with no suspicious indicators, enabling straight-through processing and quick handling of legitimate claims. FRISS says the detection engine works seamlessly through the entire policy lifecycle, and FRISS’ artificial intelligence-driven models will predict evolving fraud schemes. Combined with expert knowledge rules, internal and external database searches, advanced text mining and more, each policy application and claim will be screened in real time.
“For us it’s not just about finding fraud,” said Laurie Salz, EMC Special Investigations Unit (SIU) Operations Director. “We want to give our customers the best possible experience from the moment they consider working with EMC all the way through closing out a claim. Unfortunately, implementing faster processes can also make certain types of fraud easier to commit. FRISS will enable us to confidently act quickly for the vast majority of our customers, while at the same time immediately identifying suspicious cases for investigation. We are excited to be ahead of the game when it comes to this type of digital transformation.”
Most insurance claims are genuine, however the small percentage, that are fraudulent add up to an estimated USD 80 billion impact in the USA alone. Encouraging honest consumer behaviour drives down premium costs and allows carriers, like EMC, to provide the exceptional service their customers deserve.
FRISS is 100% focused on automated fraud and risk detection for P&C insurance companies worldwide. Their AI-powered detection solutions for underwriting, claims and SIU helps 175+ insurers grow their business. FRISS detects fraud, mitigates risks and supports digital transformation. For more information, please visit www.friss.com.