FRISS Fraud Detection Add-on for ClaimCenter Now Available in Guidewire Marketplace
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.”
FRISS is 100% focused on automated fraud and risk detection for P&C insurance companies worldwide. Their AI-powered detection solutions for underwriting, claims and SIU help 175+ insurers grow their business. FRISS detects fraud, mitigates risks and supports digital transformation. Insurers go live within 4 months, realize 10 times ROI and 80% increase in straight through processing of policy application and claims.
FRISS solutions help lower loss ratios, enable profitable portfolio growth, and improve the customer experience. For more information, please visit www.friss.com.
About Guidewire PartnerConnect and Ready for Guidewire
Guidewire PartnerConnect is a global network of select companies that provide consulting services and solutions to enhance, extend, and complement the capabilities of Guidewire products. Our worldwide community helps contribute to the success of our mutual customers in the general insurance industry by delivering Guidewire software implementations, value-add solution and technology offerings, and guidance on insurance industry best practices.
Guidewire DevConnect is a developer platform that enables Guidewire PartnerConnect Solution partners to create innovative add-ons that integrate with Guidewire InsurancePlatform products. DevConnect add-ons feature straight forward installation, full-fidelity upgrades, and enhanced support - enabling insurers to focus on innovation and growth. With a complete set of APIs, software development kits, and associated tools, DevConnect provides everything that the independent general insurance developer community needs to rapidly design and build feature-rich add-ons for Guidewire products and publish them in the Guidewire Marketplace.
For more information about Guidewire PartnerConnect please visit http://www.guidewire.com/partners/.
About Guidewire Software
Guidewire delivers the industry platform that Property and Casualty (P&C) insurers rely upon to adapt and succeed in a time of accelerating change. We provide the software, services, and ecosystem to enable our customers to run, differentiate, and grow their business. As of the end of our fiscal year 2019, we are privileged to serve more than 380 companies in 34 countries. For more information, please visit www.guidewire.com and follow us on twitter: @Guidewire_PandC.
NOTE: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices.
Ruud van Gerwen
Product & Partner Marketer
Marketing Manager, North America
+1 (631) 764-6277
Allison + Partners
+44(0)20 3971 4308
PR & Communications – EMEA
Guidewire Software (UK) Ltd
+44(0)7474 837 860
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
European Steering Committee launch ‘A New Era in Diabetes Care’ report highlighting the need to improve the quality of care for people with type 2 diabetes and renal / cardiovascular complications4.6.2020 01:01:00 CEST | Press release
A new expert-led report has today been launched to help outline key challenges and inequalities in the care of type 2 diabetes mellitus (T2DM) and its associated renal and cardiovascular complications, and highlight some Calls to Action to try and address these gaps for the 53 million Europeans living with T2DM.1A New Era in Diabetes Care is a non-promotional disease awareness initiative that brings together a European Multidisciplinary Steering Committee of diabetes, nephrology and primary care experts, funded by Mundipharma International Limited. The report, authored by the Steering Committee, explores five main areas within the management of T2DM, chronic kidney disease (CKD) and cardiovascular disease (CVD): Healthcare professional and patient education on CKD and its signs Effective testing and interpretation of markers (clinical indicators) of CKD Greater understanding of the clinical management model amongst HCPs Use of shared decision-making to create an appropriate care plan f
Celltrion Healthcare showcases positive 1-year data and budget impact analysis for novel subcutaneous formulation of infliximab in patients with rheumatoid arthritis at the European E-Congress of Rheumatology 20204.6.2020 00:01:00 CEST | Press release
At the European E-Congress of Rheumatology 2020 (The European League Against Rheumatism (EULAR) 2020 E-Congress),Celltrion Healthcare today showcased three sets of data relating to a subcutaneous formulation of infliximab, Remsima® SC. The first study demonstrated no impact of body mass index (BMI) on clinical response to CT-P13 SC in patients with active rheumatoid arthritis (RA).1 The post-hoc study investigated the impact of BMI on clinical response to CT-P13 SC in part 2 of a phase I/III randomised controlled trial (RCT) in 165 patients throughout a 1-year treatment period.1 Patients were categorized into 3 groups; under/normal weight (<25kg/m2), overweight (≥25kg/m2, <30kg/m2), and obesity (≥30kg/m2) based on the WHO BMI classification. The three groups received at least one full dose of CT-P13 SC (after IV induction) in the initial treatment stage before week 30. The data show that the mean change from baseline of DAS28 (CRP) (-3.3, -3.1, -3.3 at week 54), duration of low disease
euNetworks Secures Additional Growth Capital From IMCO and Stonepeak Infrastructure Partners3.6.2020 22:09:00 CEST | Press release
euNetworks Group Limited (“euNetworks”), a Western European bandwidth infrastructure company, today announced that it has secured an additional €250 million of capital from the Investment Management Corporation of Ontario (“IMCO”), an investor since 2018, alongside a new commitment from a vehicle managed by Stonepeak Infrastructure Partners. Pro forma for the capital raise, Stonepeak will continue to own a majority stake in euNetworks. The equity commitment will be allocated to fund further organic growth, M&A and other general corporate purposes. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200603005861/en/ euNetworks (Photo: Business Wire) euNetworks is focused on delivering high bandwidth data centre to data centre connectivity between and within cities in Europe. The company owns and operates deep fibre networks in 17 cities and also operates a highly differentiated long haul network that spans 15 countries. euNetworks
NetApp to Acquire Spot3.6.2020 22:03:00 CEST | Press release
NetApp® (NASDAQ: NTAP), the leader in cloud data services, today announced it has entered into a definitive agreement to acquire Spot, a leader in compute management and cost optimization on the public clouds, to establish leadership in Application Driven Infrastructure. Digital transformation initiatives have accelerated and remain the top business priority, especially in today’s environment, and the public clouds offer the speed and flexibility needed to navigate this new normal as companies find to new ways to work, interact and do business. However, unoptimized clouds can be costly and slow down the business transformation. To address this challenge, an Application Driven Infrastructure translates the application’s workload patterns and drives the best possible level of performance and cost for storage and compute, all done while maintaining the contracted service-level agreement (SLA) and service-level objective (SLO). Together, NetApp and Spot’s Application Driven Infrastructure
TeleSign Helps Skype Screen Robocalls with Score3.6.2020 18:00:00 CEST | Press release
TeleSign today announced a new partnership with Microsoft’s Skype to screen robocalls using the flagship digital identity solution Score. By implementing Score, Skype is able to action against calls that are likely of a fraudulent origin. In this capacity Score is able to behave as an inbound spam filter while also preventing other types of communication fraud such as International Revenue Share Fraud (IRSF). Since implementing the TeleSign solution, Skype has been able to action upon over one million fraudulent calls per day. Ravish Patel, Sr. Director Digital Identity Solutions, said, “Robocalling has caused a major customer experience issue for end-users and causes severe reputational damage for communication apps and services who are unaware of the point and scale of such sophisticated attacks. By leveraging a global network consortium and Score's supervised machine learning algorithm, we are able to analyze and effectively flag fraudulent incoming calls, thereby saving money and p
Media Alert: ESG Event for Board Directors Featuring CEO of Bank of America and Founder of World Economic Forum Explores Measurement of Stakeholder Capitalism3.6.2020 17:45:00 CEST | Press release
As companies continue to focus on long-term value creation in the face of economic recovery, operationalizing Environmental, Social, and Governance (ESG) will be critical. However, with no consistent metrics, disclosures or reporting frameworks, companies and board members struggle to effectively oversee risk, communicate performance, and measure shareholder and stakeholder impact. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200603005677/en/ Join a panel of global business leaders as the discuss what's next for ESG reporting. (Photo: Business Wire) Hear directly from the business leaders who are actively seeking to formalize common metrics and how board members can support initiatives for consistent ESG standards. Featuring Brian Moynihan, Chairman & CEO of Bank of America and Chair of the World Economic Forum International Business Council, and Klaus Schwab, Founder & Executive Chairman of the World Economic Forum, “Meas
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom