FRISS Fraud Prevention - How to Deliver a Unique Experience Using Standard Software
The fundamental underlying principle that allows software companies such as FRISS and Guidewire to deliver value to you as an insurer is that we have divided the labor between you and us. Guidewire builds highly efficient, upgradable core systems to manage your core operational processes, while we at FRISS do nothing but fraud prevention for P&C insurers.
It stands to reason that over time FRISS becomes even more efficient and better at detecting fraud, and thus at helping you to optimize the experience you provide your honest customers. And that is a good thing, since 97 percent of your customers are, in fact, honest.
The downside of this division of labor, we often hear, is that standard software only allows you to deliver a standard customer experience. However, through configuration you will already tackle a large percentage of this challenge. Then, adding 3rd party services helps you truly start to build unparalleled unique experiences for your customers. The challenge of specialization, the transaction costs, is managed by the orchestrator of the ecosystem. This includes effort required in finding specialists, contracting the work, keeping track of quality and performance, and integrating the services, etc.
At FRISS, we are strong proponents of the eco-system thinking, and we believe this is how technology is going to be consumed in the future: ever more granular micro-services used by the carrier to provide a truly unique experience for customers. Because honest customers deserve it!
In order for this to work effectively and efficiently we need standards to be enforced, enabling low transaction costs. This allows a carrier to experiment with various 3rd party services to construct a genuinely unique customer experience, completely built up from standard components. Think of it as the Lego approach to building the customer experience you envision.
FRISS is dedicated to being the Lego brick in your system that provides the best possible fraud detection, using the most advanced technology available. By doing so, you can remain focused on putting the other bricks together to create the supreme user experience your customers demand and deserve.
To learn more about how to deliver a unique experience to your customers using FRISS and Guidewire, check out our solutions available on the Guidewire Marketplace and be sure to download the Guidewire eBook Building an Ecosystem.