FRISS Brings Claim Fraud Analysis to a Next Level With Web-IQ’s Innovative Online Network Solution
Asking your neighbor or friend to sign as a witness to a claim for car damages at your insurance company will work no more, with the new Claim Fraud Analysis feature of FRISS.
FRISS, the worldwide provider of AI powered fraud and risk solutions for the P&C insurance industry, recently added a new and innovative feature in their fraud analytics solution: Online Network Analysis from Web-IQ. This feature automatically identifies if the claimants and the insured or other involved persons are related to each other in an on-line environment. This is a proven and strong indicator for fraudulent claims. Especially with car accidents and other types of claims where multiple persons are involved, it adds a whole new approach to the traditional claim analyses.
“Research shows that on average almost 20% of all reported insurance claims have a degree of fraud, ranging from an exaggeration of the damage to a complete false claim . This means that there is a big blind spot for insurance companies that can only be attempted to be solved by using new and innovative approaches”, says Ronald Hoek, head of business development for Web-IQ’s corporate product line called Bizz-IQ. “Our technology brings the capacity of 1,000 online investigators and returns information and relations that so far is almost impossible to provide by a human process to the user in minutes”.
Insurance companies have already shown a lot of interest in this new feature, and the expectation is that several companies will start this summer with the implementation of this new feature in their claims process via the FRISS platform. “Our clients are enthusiastic, and they can´t wait to see this new technology in action to identify fraudulent claims as never before. Leveraging the value of online information for insurers is the start of a new era in the fight against fraud”, says Philip van Waning, Data Partner Manager at FRISS.
“More than 80% of property casualty insurers in North America are working on digital transformation. But as insurance products become more complicated, the channels of interaction with customers and possible fraudsters are increasing”, said Karlyn Carnahan, Head of Celent’s Property Casualty practice for the Americas. “New sources of data and new, highly sophisticated, fraud analytic techniques are needed to keep up. Winners will be those that can deliver actionable insights at multiple points in the customer relationship – quoting, payments and, yes, claims.”
Web-IQ has a background in developing online intelligence software for law enforcement and government agencies. Since 2017, Web-IQ has started working in corporate markets (Bizz-IQ division), together with FRISS and other insurance companies and financial organizations, to help combat fraud and monitor risks. By conducting comprehensive customer due diligence via automated online investigations, Bizz-IQ is able to find and analyze public online information which was previously seen as infeasible and to transform this into actionable risk indicators. www.web-iq.com
FRISS has a 100% focus on automated fraud and risk detection for P&C insurance companies worldwide. The AI-powered detection solutions for underwriting, claims and SIU has helped 150+ insurers to grow their business. FRISS detects fraud, mitigates risks and supports digital transformation. Insurers go live within 6 months, with fixed price projects, and realize an ROI within 12 months. The FRISS solutions help to lower the loss ratio, enable profitable portfolio growth, and improve the customer experience. www.friss.com @FRISS_com