Automated fraud and risk detection platform FRISS has expanded to France to boost efforts in fighting insurance Fraud.
The company has opened an office in Paris and is growing the size of its team. Former Salesforce vice president Nicolas Kaploun will head the new office.
FRISS opened a regional office in France to help support the attraction from insurers for the FRISS platform.
The RegTech companies provides P&C insurance companies with AI-powered anti-fraud and risk detection solutions. Through end-to-end fraud analytics, companies can conduct real-time assessments and improve claims and underwriting processes. Its services are used by over 150 companies, spanning more than 35 countries.
Kaploun said, “I am eager to expand the success of FRISS to France. Insurance fraud is a big issue around the world, and France is no exception. I feel that the moment is now for insurers to start leveraging the predictive modeling and machine learning capabilities of the FRISS platform to automate their fraud efforts. This will help insurers lower their loss ratio and help focus on the sincere customers.”
Late last year, FRISS found insurance carriers are putting focus on fraud prevention through a new survey. Its investigation compiled responses from 150 industry professionals and was aimed at highlighting opinions in the market to fraud detection and mitigation.
The company pulled in €15m in its Series A round which closed in later 2017. Aquiline Technology Growth and Blackfin Capital Partners served as the lead investors of the round which was raised in order to boost FRISS’ technology.