FRISS

Fraud Solution Profile

At FRISS, a big part of what drives us every day is trust – the whole concept insurance is built on. This means we specialize in providing actionable insights to mitigate risk and streamline your operations. Our sophisticated end-to-end analytics platform is designed to empower your teams by delivering real-time, holistic insights behind every customer interaction from policy request to claims to special investigations – basically following the policy lifecycle. 

Our technology addresses the challenges faced by insurance companies today, such as fraudulent claims, risk assessment, and operational inefficiencies. FRISS leverages predictive analytics and artificial intelligence to enhance decision-making processes, enabling your company to stay ahead of emerging risks and fraud trends. 

By implementing FRISS, you can expect a substantial reduction in fraud-related losses, improved underwriting accuracy, and increased operational efficiency. Our platform integrates seamlessly into your existing systems, ensuring a smooth transition and rapid ROI. 

We believe FRISS can play a pivotal role in optimizing your data strategies, providing a high-level understanding of your risks, and ultimately enhancing the profitability of your insurance business. 

What is Trust Automation 

Trust automation is a concept rooted in the idea that, in an ideal world, insurers could automatically trust every claim, every new policyholder, and every service provider without needing to investigate each case in depth. By leveraging advanced AI and fraud detection algorithms, trust automation enables insurers to screen and verify transactions in real-time, significantly streamlining processes. Claims that meet predefined trust criteria can be automatically processed, reducing manual intervention, increasing operational efficiency, and improving customer experience. The real-time analysis ensures that only suspicious claims are flagged for further review, helping insurers reduce fraud exposure while maintaining a high level of service for legitimate claims.  

As insurers adopt more sophisticated technologies, fraudsters will also evolve their tactics, often using the same technologies—such as AI—to perpetrate more complex fraud schemes e.g. Deepfakes and fake identities.  

The challenge for the insurance industry will be maintaining an ongoing cycle of innovation, staying ahead of the fraudsters, and continuously refining their prevention capabilities. AI is a critical tool, but it must be paired with a strong regulatory framework, continuous learning, and collaboration between insurers to be truly effective. That is what FRISS is all about.