FRISS and Legentic to fight insurance fraud

FRISS, AI-powered fraud, risk and compliance solution developer, has partnered with Legentic to tackle insurance fraud.

Legentic is a browser-based software service (SaaS) delivered to its customers via a subscription-based commercial model. The company’s mission is to make insurance more honest by stopping fraudsters before they harm sincere customers. Its clients include insurance companies, loss adjusters, private investigators, financial institutions, law enforcement, attorneys, banks, and government institutions.

The partnership will see Legentic’s Mohawk Fraud Detection be integrated into FRISS’s end-to-end software solutions.

FRISS said that through Legentic’s big data and actionable insights, its powerful self-learning AI models will be able to detect fraud even faster, reducing false-positives and uncovering fraudulent behaviour. This partnership will also have a direct effect on the insured by massively reducing the claim waiting time.

Jeroen Morrenhof, FRISS CEO and co-founder, said, “Working with a partner like Legentic allows FRISS customers to be more effective in the moment. Thanks to the accurate and real-time data Legentic adds to our solutions, insurers can make real-time decisions at the moment they matter.

“The ability to operationalise Legentic’s expert insights into the FRISS risk analysis will benefit both the insurance company and their customers, which in the end is what we all strive for.”

FRISS launched a new underwriting risk tool, Guidewire PartnerConnect, on the Guidewire Marketplace in May this year following a partnership between the pair.

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