FRISS, a provider of analytics software for fraud, risk and compliance to P&C insurers, has closed a €15m Series A funding round.
The investment, which was led by Aquiline Technology Growth (ATG) and Blackfin Capital Partners, will be used by the company to accelerate global expansion and strengthen its solutions. As part of the investment, Michael Cichowski of ATG and Maxime Mandin of Blackfin will join the FRISS board of directors.
The obligations to which insurance companies must comply derive from three articles of law, Anti-Money Laundering Act (AML), Combating the Financing of Terrorism Act (CFT), and Sanctions Act. With a growing global demand for insurance fraud and risk solutions, FRISS enables insurers to not only detect fraud when it occurs but prevent fraud.
It provides solutions for underwriting, claims, investigations and compliance, and claims to enable companies to make faster and better decisions on quotations, policies and claims across all private and commercial lines. Based on AI and machine learning techniques, the FRISS platform is used by 132 insurers in 26 countries.
Laurent Bouyoux, founding partner of BlackFin, stated: “We are delighted to invest in such a high-quality company and team. We are convinced FRISS will redefine the way insurance companies, on a global scale, manage fraud and related risks, using the latest developments in artificial intelligence, data analysis and insurance scoring.”
Back in July, Aquiline pulled in $190m for the final close of Aquiline Technology Growth Fund, easily passing its initial $150m goal in the process.
The financial services-focused New York buyout house said it will use the fund to invest in technology and services companies that will impact the global insurance industry and broader financial services sector. Specific areas of interest include InsurTech, asset management technology, benefits and retirement, security, data and analytics, and enterprise software.
In May the Fund invested in Carpe Data, a provider of new and alternative forms of data and predictive analytics for the insurance industry, and in June made an investment in an early-stage subscription service firm that provides home warranty and concierge repair services.
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