ICMIF member Gore Mutual (Canada) is currently in the midst of an ambitious transformation programme that will take the organisation from a mid-size, regional carrier to a national scale insurer underpinned by best-in-class technology and operating models in only a few short years.
As part of the company’s large-scale transformation, Gore Mutual seeks to further enhance its advanced anti-fraud capabilities. The mutual insurer has partnered with FRISS, whose AI-powered platform will enable real-time fraud detection and prevention in both underwriting and claims, and will also support the company’s special investigation efforts.
“As part of our transformation strategy, we’re expanding and modernizing all of our technology as we continue to strengthen our operations and increase our digital capabilities and predictive analytics,” said Neil Weir, Vice President of Claims at Gore Mutual. “FRISS is a global leader in fraud prevention software and their innovative platform will help us to quickly identify fraud risks throughout the policy cycle allowing us to better serve all of our customers.”
The real-time FRISS solution provides a unique combination of risk and fraud indicators with powerful AI techniques such as predictive models, network analysis and text mining. These will enable Gore Mutual to take a firmer stance against insurance fraud while enabling more efficient underwriting and claims services for the insurer and its policyholders.
“According to the Insurance Bureau of Canada, 10-15% of claims include fraudulent activity, which costs Canadians billions of dollars in added insurance premiums. Our team is delighted to start working with Gore Mutual as part of their transformation and we are excited to help them bolster their fraud prevention capabilities.” Said Jeroen Morrenhof, CEO and Co-founder of FRISS.
Founded in 1839, Gore Mutual is Canada’s oldest property and casualty insurer, with over CAD 500 million in premiums and over CAD 1.1 billion in assets. Based in Cambridge, Ontario and Vancouver, British Columbia, this Canadian-owned and operated mutual company employs over 450 people and is known for its investment in people, technology and innovation. Gore Mutual was voted the #1 insurance company by the Insurance Brokers Association of Ontario (IBAO) in 2014, named a 2019 Best Workplace in Financial Services and Insurance and certified as a 2020 Best Workplace Canada.