FRISS, the global provider of fraud and risk solutions for the P&C insurance industry, and Guidewire PartnerConnect™ Solution partner, and Guidewire Software, Inc. (NYSE: GWRE), provider of the industry platform P&C insurers rely upon, today announced that SURA Colombia (SURA), has successfully deployed its integrated claims fraud detection programme for motor personal lines with the FRISS accelerator for Guidewire ClaimCenter™. SURA is leveraging the Guidewire ecosystem and benefitting from integrated claim fraud detection that has the ability to stop payment of claims identified as potentially fraudulent while they are investigated. At the same time, the insurer is now capable of delivering faster customer service, as obviously legitimate claims can go on a fast track for immediate pay-out.
SURA is the first insurance company to deploy the accelerator from the Guidewire Marketplace. Thanks to this accelerator, the integration of FRISS within Guidewire ClaimCenter delivers a seamless experience for the user, and a very short implementation time.
FRISS’s Ready for Guidewire accelerator enables SURA to provide streamlined processing for fraud and risk management that comprises:
A real-time and AI-powered risk indicator for each claim;
A risk score for use in guiding next steps: settlement, investigation or risk management action;
Automated claims checking at defined stages; and
User-friendly follow-up research and data capture.
"We decided to work with FRISS because we recognized they could give us great value in our claims management process by providing a real-time risk score that allows us to better focus our investigation process and improve the claim process for honest customers," says Ruben Dario Cañas Aranzazu, Motor Claims Manager at SURA Colombia. "Furthermore, the Guidewire accelerator is easily and quickly downloaded, and implemented. Finally, FRISS and Munich RE's partnership (an established relationship in the region) has been such that we felt confident in the project’s success and in reaching the goals we have set."
Harald Schnabel, Head of Department Casualty Underwriting Latin America, Iberia & Caribbean of Munich Re says, "In this exclusive partnership with FRISS in Latin America, Munich Re brings claims and client expertise, and FRISS its competence for fraud detection in insurance based on state-of-the-art technology. This enables a fast implementation process and supports our clients with an innovative solution. We are convinced that FRISS will have a positive impact on loss ratios and the efficiency of claims processes, which creates value for the client and Munich Re. We are pleased to have SURA as the first joint implementation in Colombia."
"We are proud to be a Guidewire Solution partner," said Bas de Graaf, Global Partner Manager at FRISS. "We work together with leading core system vendors, like Guidewire, that enable us to offer our fraud detection solution, pre-integrated with the core claims system used by P&C carriers all over the world. The accelerator is a proven solution, validated by both Guidewire and FRISS, and resulting in easy and fast implementation. SURA’s trust in the combined solution is proof of this value. It is fantastic to see that SURA reached their ROI already during the implementation and increased their customer satisfaction"
"Insurance fraud has a serious, negative impact across the insurance industry, increasing loss ratios for insurers and premiums for consumers," said Neil Betteridge, vice president, Strategy, Guidewire Software. "We congratulate SURA and FRISS on the successful implementation of this integrated solution to streamline fraud processing and risk management. SURA’s deployment demonstrates the value of integrations from the Guidewire Marketplace."
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 400 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.