Today, the company announced that it has secured $65M (approx €54.82M) in its Series B round of funding. The round was led by Accel-KKR, advised by FT Partners, and endorsed by existing investor Aquiline.
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Headquartered in Menlo Park with offices in Atlanta and London, Accel-KKR with is a technology-focused investment firm with over $10B (nearly €8.43B) in capital commitment.
Fraud detection software for insurers
According to Coalition Against Insurance Fraud, “Insurance fraud is a large and growing problem faced by insurance companies, with estimates of fraud in as much as 10-17% of total claims paid annually – a staggering $80B annual loss in the US insurance market alone.”
FRISS is an automated fraud and risk detection system for P&C insurance companies. The company provides AI-powered detection solutions for underwriting, claims, and Special Investigative Unit (SIU) have helped more than 200 insurers grow their business.
The company detects fraud, mitigates risk, and supports digital transformation. And according to the company, insurers go live within four months, realise up to 10 times ROI, and an 80 per cent increase in straight-through-processing of policy application and claims. FRISS solutions help lower loss ratios, enable profitable portfolio growth, and improve the customer experience.
FRISS was founded in 2006 by Jeroen Morrenhof and Christian van Leeuwen. Currently, the company serves insurers in over 40 countries and is on track to deliver over $2B in fraud savings to insurers in 2021 alone.
How does FRISS work?
FRISS offers real-time end-to-end P&C insurance fraud analytics solutions that cover the complete policy lifecycle – from automated underwriting risk assessment to fraud detection during claims, and comprehensive case management.
The alerts are displayed via integrations with core systems such as Guidewire, Duck Creek, Sapiens, Keylane and can pull additional information from a multitude of available data points, to provide the risks attached to each policy request, renewal or claim.
CTO and co-founder of FRISS, Christian van Leeuwen, explains, “We recognise that the insurance industry is tackling challenges on many fronts including cost pressures, the need for efficiency and automation, and ever-rising customer expectations for personalised service at speed. FRISS solves these challenges by tapping into the power of digital transformation and leveraging sophisticated AI to automate complex workflows at scale, shining a harsh light on risks at both underwriting and claims, while simultaneously elevating and improving the processes for carriers’ employees and their customers.”
Funds for product innovation
The proceeds from this round will help FRISS with additional product innovations, make deep market penetration, and lines of business expansions.
FRISS, which is headquartered in Utrecht (Netherlands) and Mason (Ohio), has regional offices in the DACH and LatAm regions, UK, France, and Spain. The capital from the current will help the company to support its expansions here in these markets and beyond and drive additional growth in the current customer base through new product offerings, powered by next-generation artificial intelligence.
Jeroen Morrenhof, CEO and co-founder of FRISS, says, “We’ve been around for 15 years and completed over 200 implementations. With an experienced software investor such as Accel-KKR and all the knowledge that we’ve gained from our presence in the industry, FRISS is ready to scale exponentially through our Series B, taking our mission of accelerating safe digital transformation throughout the policy lifecycle to the next level, bringing every member of the FRISS family along with us for the ride to honest insurance.”
Source: Silicon Canals
