FRISS, a provider of AI powered fraud and risk solutions for the P&C insurance industry, has recently added a new feature to their fraud analytics solution, Online Network Analysis from Web-IQ.
Image: Web-IQ's Eldert van Wijngaarden and FRISS' Philip van Waning shaking hands. Photo: Courtesy of Business Wire
This feature automatically identifies if the claimants and the insured or other involved persons are related to each other in an on-line environment. This is a proven and strong indicator for fraudulent claims. Especially with car accidents and other types of claims where multiple persons are involved, it adds a whole new approach to the traditional claim analyses.
Web-IQ’s corporate product line Bizz-IQ business development head Ronald Hoek said: “Research shows that on average almost 20% of all reported insurance claims have a degree of fraud, ranging from an exaggeration of the damage to a complete false claim. This means that there is a big blind spot for insurance companies that can only be attempted to be solved by using new and innovative approaches.
“Our technology brings the capacity of 1,000 online investigators and returns information and relations that so far is almost impossible to provide by a human process to the user in minutes”.
Insurance companies have already shown a lot of interest in this new feature, and the expectation is that several companies will start this summer with the implementation of this new feature in their claims process via the FRISS platform.
FRISS data partner manager Philip van Waning said: “Our clients are enthusiastic, and they can´t wait to see this new technology in action to identify fraudulent claims as never before. Leveraging the value of online information for insurers is the start of a new era in the fight against fraud.”
Celent property casualty practice Americas head Karlyn Carnahan said “More than 80% of property casualty insurers in North America are working on digital transformation. But as insurance products become more complicated, the channels of interaction with customers and possible fraudsters are increasing.
“New sources of data and new, highly sophisticated, fraud analytic techniques are needed to keep up. Winners will be those that can deliver actionable insights at multiple points in the customer relationship – quoting, payments and, yes, claims.”
Source: Company Press Release