In our latest Startup Showcase, we introduce Friss, a trailblazing tech startup based in Utrecht, The Netherlands. Specializing in Property & Casualty (P&C) insurance, Friss offers a powerful analytics software aimed at managing fraud, risk, and compliance. By employing advanced technology, Friss enhances the profitability of insurers, bolsters their market perception, and ensures an honest insurance industry.
A Dedicated Approach to Fraud, Risk, and Compliance
Friss is not your run-of-the-mill tech company. It is fully committed to non-life insurance companies worldwide, developing state-of-the-art solutions that address the industry’s most pressing challenges. Using the FRISS® Score, the company’s advanced analytical tool, Friss empowers insurers to make informed decisions at every step of the insurance process, from quotation to policy issuance and claim handling. This comprehensive approach helps insurers to identify high risks and fraud effectively.
Achieving Profitable Growth Through Intelligent Risk Assessment
A significant aspect of Friss’s success is its intelligent risk assessment tool used during the underwriting process. Real-time automated detection and risk assessment allow insurers to evaluate prospects thoroughly before adding them to their portfolio. By providing a holistic view of the risks involved, the tool helps improve the combined ratio significantly, leading to profitable portfolio growth.
Battling Insurance Fraud and Ensuring Compliance
Another game-changing aspect of Friss’s software is its capability to detect insurance fraud. An estimated 10% of all insurance claims involve some fraud. Friss’s solution increases the chances of detecting such fraudulent claims and reduces false positives to a minimum. This feature not only streamlines the claims process but also positively impacts the loss ratio.
Friss also ensures insurers stay on top of the latest legislation and regulations. The software helps gain insights into Ultimate Beneficial Owners (UBOs), a crucial element in underwriting and compliance. By making compliance easy, Friss minimizes administrative burdens and protects insurers from reputational damage and hefty penalties.
Friss’s extraordinary work has not gone unnoticed. In 2014, Gartner recognized Friss as the European market leader in the field. With more than 150 implementations in over 30 countries, Friss is undoubtedly on the path to becoming a global leader.
For insurance companies seeking to transform their operations and leverage advanced technology, Friss offers an impressive solution. Its dedication to non-life insurance companies, robust risk assessment, and innovative approach to managing fraud and ensuring compliance makes Friss a standout player in the tech startup scene.
For more information about Friss and their innovative solutions, visit their website and follow them on social media:
- Website: https://www.friss.com
- Twitter: https://twitter.com/FRISS_com
- Facebook: https://www.facebook.com/FRISS.software
- LinkedIn: https://www.linkedin.com/company/friss-software
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