FRISS Named to Insurance CIO Outlook’s Top 10 Artificial Intelligence Solution Providers – 2018
FREMONT, CA— Insurance CIO Outlook announced today that FRISS has been selected as one of the Top 10 Artificial Intelligence Solution Providers – 2018.
FRISS is not just another software vendor with an excellent analytical AI based platform. The battle against fraud cannot be won by having AI just as a catchphrase. There is a strong need for relevant data and a clear objective in place for AI to solve the problem. Organizations need to begin their AI endeavors with the existing data, but subsequently, they must continually add new data sets like IoT data, shared data pools, or the data generated through digitization of the existing processes, to get actionable insights and perform machine learning. The result is an automated fraud monitoring model that triggers a self-learning process. With this as its guiding light, FRISS focuses on data aggregation, cleansing, and normalization to minimize false positives. The solution has an ‘insurance/claims-only’ network graph viewer that illustrates the potential fraudulent claims. The AI-generated claim investigation hit should always be explainable to the customers, and FRISS ensures that their score provides actionable insights.
As fraud-fighting in the insurance industry enters a new era of AI and predictive analytics, there is a growing demand for the fraud analytics system to take a collaborative approach to better address fraud challenges. Although there are basic collaboration data sources available today, like claims databases, fraud registrations, and national fraud bureaus to identify and tackle fraudsters, the industry needs a wider platform that can unite them to stop the fraudulent activities. FRISS fits the bill with its data source merging capabilities found in their fraud analytics platform. Team FRISS speaks the same language as insurance professionals and fraud investigators.
“We are proud to announce FRISS as one among the Top 10 Artificial Intelligence Solution Providers – 2018,” said Pamela Morgan, Managing Editor of Insurance CIO Outlook. “FRISS is a global Solutions provider for Risk Assessment and Fraud Detection.”
Christian van Leeuwen, FRISS co-founder and CTO, “It is fantastic to be recognized as a top AI solution provider. The insurance industry was created to protect people from the dangers of risk. People had faith in insurance companies and insurance companies had trust in the people they insured. But the rampant increase in fraud is shaking the foundation of insurance. Fraudsters are taking advantage at the cost of genuine customers. In order to fight fraud, FRISS turns data into actionable insights. FRISS leverages the possibilities of AI to comprehend the functioning of the system for the insurance company, as well as understand their procedures, types of channels, and the authorization thresholds in place.”
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 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 solutions help to lower the loss ratio, enable profitable portfolio growth, and improve the customer experience. www.friss.com
About Insurance CIO Outlook
Published from Fremont, California, Insurance CIO Outlook is a print magazine which gives insights about the latest news and updates on new technologies that is transforming the ways insurance industries work. A panel of experts, professionals, technology leaders including board members of Insurance CIO Outlook have finalized the list of “Top 10 Artificial Intelligence Solution Providers – 2018” and shortlisted the best vendors and consultants. For more info, visit: www.insuranceciooutlook.com