FRISS, an AI-powered fraud, risk and compliance solution provider for P&C insurers worldwide, has partnered with msg nexinsure, an independent provider of insurance core solutions.
The partnership, according to FRISS, will be focused on making the lives of the claims handler easier.
This will be achieved by showing a comprehensive overview of all risks attached to a claim directly on nextinsure’s msg P&C Factory software platform. This will allow claims handlers to process more claims, decrease claims leakage, and will ensure flexible straight-through processing for sincere claims.
Therefore, the companies said claims handlers can focus on providing excellent service to those customers that are in need of support, while at the same time bad risks are flagged for further investigation.
Thomas-Michael von Zelewski, head of sales at msg nexinsure, said, “Via our standard software msg.P&C Factory, we provide insurers end-to-end (E2E) processing of all core business processes and support the digital transformation in all areas. In claims management, we are pleased to be able to connect our customers to a highly innovative and automated AI solution for fraud detection through our partnership with FRISS.”
Bas de Graaf, global partner manager at FRISS, added, “By offering end-to-end support through the full policy lifecycle, FRISS’s focus is to stop fraudsters before they harm sincere customers. Thanks to our partnership with msg nexinsure, insurers can leverage the instant-on combination of powerful AI, fraud schemes and internal and external data sources and expert knowledge rules straight from their robust core solution.”
Earlier this year, research from Accenture revealed that up to $170bn of insurance premiums could be at riskin the next five years due to poor claims experiences.
Among the key findings were that one-third (31%) of the claimants were not fully satisfied with their home and auto insurance claims-handling experiences over the past two years. Of this 31%, six in ten (60%) cited settlement speed issues and 45% cited issues with the closing process.
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