Extension of the contract follows on the successful cooperation in Latin America and Iberia, where both parties work extensively together to fight fraud and mitigate risks at P&C insurers
FRISS, the market leader in AI-powered fraud and risk solutions for the P&C insurance industry, today announced to have extended their partnership with Munich Re, one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions, to now globally support insurers in their fight against fraud.
FRISS and Munich Re enter in global agreement
Extension of the contract follows on the successful cooperation in Latin America and Iberia, where both parties work extensively together to fight fraud and mitigate risks at P&C insurers. The parties now agree to support insurance companies worldwide.
Munich Re’s Global Consulting Unit is driving transformative change in the insurance industry through the application of data science and digitalization. The unique FRISS solutions provide a fully integrated hybrid combination of powerful AI, predictive models, network analysis, and text mining and over 600 out-of-the-box risk and fraud indicators, that are used by insurers for real-time risk assessment at underwriting, fraud detection at claims and investigations at the special investigation unit. These will be part of Munich Re’s consultative portfolio to bring value to the customer besides traditional reinsurance services.
Munich Re and FRISS will combine industry best practices and come up with practical solutions to help develop and improve business. Insurers will benefit from more efficient operations and fast-track customer service, which increases the customer satisfaction and experience.
Joachim Mathe, Head of Munich Re’s Global Consulting, says: “Many of our insurance clients see the need to increase efficiencies, reduce claims costs and improve their competitive edge by an increased use of automation. To take full advantage of these new opportunities, insurers must arm themselves with relevant digital and data analytics competency including a modern IT system supporting such competences. The combination of our strategy expertise and global player know-how with AI-powered fraud and risk solutions provided by FRISS, will help our clients make effective big picture decisions.”
Ariane Braam-Verkoren, SVP Global Alliances at FRISS, says: “I’m extremely happy with the extension of our partnership with Munich Re. This is a confirmation of trust after our fruitful cooperation we have had for years in Latin America and Iberia. As an established Insurtech, FRISS helps insurers to transform their business. Together with Munich Re we can enable the digital transformation of our clients even better. We will globally work on making insurance more honest.”
Source: Company Press Release