FRISS, a fraud, risk and compliance solution for P&C insurers, has acquired Polonious Insurance Investigations.
Polonious has been providing case management systems in the insurance industry since 2006. FRISS said the acquisition will see it welcome Polonious’ 40 current insurance industry customers in the USA, Canada, Australia and New Zealand.
FRISS added that the acquisition will better enable it to support claims departments, special investigation units and private investigation firms.
Polonious customers report the ability to increase case throughput by up to 38% and reduce administration costs by nearly 25% by automating repetitive manual tasks. Furthermore, the product helps unburden IT resources through a no-code solution, configurable user interface, and the availability of a wide range of workflows.
Alastair Steel, co-CEO of Polonious, said, “I’m excited with the tremendous opportunity this acquisition brings for the insurance industry. FRISS and Polonious share their vision on how to protect the industry from malicious behaviour with future proof solutions, which greatly benefits sincere customers. I’m convinced that Polonious customers are in great hands moving forward.”
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