FRISS, a global provider of AI-powered fraud and risk solutions for Property and Casualty insurance carriers and Guidewire PartnerConnect Solution partner, and Guidewire Software, Inc. (NYSE: GWRE), provider of the industry platform P&C insurers rely upon, today announced the FRISS add-on for Fraud Detection, created using the Guidewire DevConnect developer environment, has successfully completed the Ready for Guidewire validation process and is available for download by Guidewire customers in the Guidewire Marketplace.
Insurance fraud is a global issue. In the US alone, the cost of insurance fraud exceeds $40 billion per year, costing the average family hundreds in increased premiums (FBI). According to the ABI, 1,300 insurance scams were uncovered every day in the UK in 2018 with the average fraudulent act costing £12,000.
“Fraud detection tools are becoming increasingly important to insurers. With the strain on the global economy, experts are predicting a rise in fraud rates,” says Karlyn Carnahan, Head of Celent’s North American Property Casualty business. “Pre-integration of fraud tools into a claims or policy admin system allows insurers to rapidly deploy these capabilities and stay ahead of the projected rise in fraudulent claims.”
FRISS’ add-on tackles insurance fraud by helping insurers automatically check claims for potential fraud and risks at multiple stages of the claim workflow in Guidewire ClaimCenter. Claim scoring results, including actionable insights, are available to claims adjustors directly within ClaimCenter. As an integrated part of an established workflow this add-on ensures claims are screened consistently and processed automatically and quickly. In addition, claims adjustors or investigators can provide feedback on the scoring that supports ongoing training and improvement of the fraud models employed.
Insurers using FRISS’s Guidewire integration can:
Provide straight-through claims processing for meritorious claims by automating fraud scoring capabilities in real-time within the claim’s workflow;
Trigger automated actions (workflows) within ClaimCenter based on a FRISS fraud score; and
Help claims adjusters and investigators focus on suspicious claims and provide support to detect and investigate fraudulent claims.
“As an established Guidewire PartnerConnect Solution partner, we are pleased to offer a new automated fraud detection solution. Co-developed and validated with a joint customer, our add-on combines AI and machine-learning with out-of-the-box expert knowledge rules,” said Bas de Graaf, Global Partner Manager, FRISS. “This add-on supports both operational excellence and digitalization within the claims process, making processes more efficient without losing the necessary controls. Like Guidewire, FRISS has a singular focus on P&C insurance. The combination of a proven core platform provider like Guidewire and an insurtech like FRISS offers insurers the best of both worlds.”
“We congratulate FRISS on the publication of their add-on for Fraud Detection, another important tool in an insurer’s armory,” said Becky Mattick, Vice President, Solution Alliances, Guidewire. “Demand for anti-fraud insurance solutions is high, and process automation for fraud identification and management is an important element for insurers in their work to ensure honest insurance.”