FRISS building new fraud and risk management solution through Guidewire

Fraud and risk solution provider FRISS has revealed it is the developing a new add-on for fraud and risk management related to claims support.

The company is the first Guidewire PartnerConnect Solution partner leveraging the Guidewire DevConnect solution to build this type of service.

Its new tool will provide plug-and-play access to real-time fraud scoring. Insurers can now deploy the fraud solution quickly and it has been designed to improve processing efficiencies by enabling the insurer to immediately stop the payment of fraudulent claims. It does this through a combination of out-of-the-box risk and fraud indicators and AI techniques like predictive models, network analysis, and text mining.

Guidewire is an industry platform which helps insurers in the P&C space to adapt and modernise though its software, services and partner ecosystems. DevConnect is a new Guidewire developer platform providing insurers access to innovative solutions which enable business acceleration.

With the’ new add-on Guidewire clients can deploy the FRISS solution within minutes without any programming involved. It will help automate claims checking at defined stages, deliver actionable intelligence to adjusters as the claim is processed in real-time, help inform next steps in the claims process (settlement, investigation or risk management), and speed up follow-up research and data capture.

FRISS global partner manager Bas de Graaf said, “With both the existing Ready for Guidewire accelerators available in the Marketplace and the new add-on, FRISS saves insurers time and helps improve their customers’ experience.

“This technology enables fast track claim handling with immediate pay-out for low to no-risk claims as well as blocking of payments and automation of workflows like a further investigation for high risk claims. By preventing payment on fraudulent claims, our integrated solution enhances usefulness of Guidewire ClaimCenter and saves carriers millions on fraudulent claims, delivering a near-instant ROI.”

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