FRISS First InsurTech to Commit to Offer Plug-and-play Fraud Detection Via Guidewire DevConnect

Chicago, IL (Oct. 17, 2019) – FRISS, the global provider of AI-powered fraud and risk solutions for the P&C insurance industry, has announced that the company is the first Guidewire PartnerConnect™ Solution Partner that is leveraging Guidewire DevConnect™ to develop an add-on for fraud and risk management related claims support.

The FRISS add-on will deliver plug-and-play access to real-time fraud scoring. Insurers can now deploy the fraud solution quickly and without cumbersome IT projects. The add-on is designed to deliver processing efficiencies by enabling the insurer to immediately stop the payment of fraudulent claims, with a combination of out-of-the-box risk and fraud indicators and powerful AI techniques such as predictive models, network analysis, and text mining.

DevConnect is a new Guidewire developer platform providing insurers easy access to innovative solutions that will enable business acceleration and is supported by both Guidewire and participating Solution partners.

The Friss add-on is designed to allow Guidewire customers to deploy the FRISS solution in just minutes without any programming involved. Two-way data transfer will be seamless, providing a FRISS Score and actionable insights in real time. This will help staff make the best decisions quickly, while enabling straight-through processing of legitimate claims.

Carriers are looking for ways to accelerate the delivery of leading-edge technology capabilities to enhance their core systems. By launching DevConnect, Guidewire raised the bar with an all-new integration framework. The FRISS add-on for fraud detection will feature a seamless plug-and-play integration, decreased implementation timelines, full-fidelity upgrades, and enhanced support—enabling carriers to focus on innovation and growth. Risk scores and screening details will be fully embedded as UI elements in Guidewire ClaimCenter™ and predefined business functions guarantee a future-proof integration.

Thanks to the deep integration with ClaimCenter, the FRISS add-on for fraud detection will:

• Automate claims checking at defined stages;
• Deliver actionable intelligence to adjusters as the claim is processed in real time;
• Help inform next steps in the claim process: settlement, investigation or risk management action;
• Speed up follow-up research and data capture.

“We are proud to be part of the PartnerConnect program offering the only Ready for Guidewire claims fraud detection integration accelerator currently available on the Guidewire Marketplace, and now working to deliver a new fully-integrated AI-powered fraud detection add-on built with DevConnect to the Guidewire community,” said Bas de Graaf, Global Partner Manager at FRISS. “With both the existing Ready for Guidewire accelerators available in the Marketplace and the new add-on, FRISS saves insurers time and helps improve their customers’ experience. This technology enables fast track claim handling with immediate pay-out for low to no-risk claims as well as blocking of payments and automation of workflows like a further investigation for high risk claims. By preventing payment on fraudulent claims, our integrated solution enhances usefulness of Guidewire ClaimCenter and saves carriers millions on fraudulent claims, delivering a near-instant ROI.”

“FRISS’ Fraud Detection at Claims accelerator provides insurers with a powerful fraud management tool and supports the benefits to insurance customers of Guidewire Marketplace,” said Neil Betteridge, Vice President, Strategy, Guidewire Software. “We appreciate FRISS embracing DevConnect and look forward to our continued collaboration to the mutual benefit of our customers now and in the future.”

“Predictive fraud scoring has become a critical capability for property/casualty insurers. Novarica’s research shows that more than 70% of large insurers and 35% of midsize and small insurers have capabilities in this area,” said Matthew Josefowicz, president/CEO of Novarica, a research and advisory firm focused on insurer technology strategy. “It’s an area of continued investment and focus. Leveraging solutions that pre-integrate with carriers’ existing claims systems can make it easier to implement this important function.”

About FRISS

FRISS is 100% focused on automated fraud and risk detection for P&C insurance companies worldwide. Their AI-powered detection solutions for underwriting, claims and SIU help 175+ insurers grow their business. FRISS detects fraud, mitigates risks and supports digital transformation. Insurers go live within 4 months, realize 10 times ROI and 80% 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. Learn more at FRISS.com.

About Guidewire PartnerConnect and Ready for Guidewire

Guidewire PartnerConnect™ is a global network of select companies that provide consulting services and solutions to enhance, extend, and complement the capabilities of Guidewire products. Our worldwide community helps contribute to the success of our mutual customers in the general insurance industry by delivering Guidewire software implementations, value-add solution and technology offerings, and guidance on insurance industry best practices. Guidewire PartnerConnect is an invitation-only program. Learn more here.

Guidewire DevConnect™ is a developer platform that enables Guidewire PartnerConnect Solution partners to create innovative add-ons that integrate with Guidewire InsurancePlatform™ products. DevConnect add-ons feature plug-and-play integration, full-fidelity upgrades, and enhanced support – enabling insurers to focus on innovation and growth. With a complete set of APIs, software development kits, and associated tools, DevConnect provides everything that the independent general insurance developer community needs to rapidly design and build feature-rich add-ons for Guidewire products and publish them in the Guidewire Marketplace.

About Guidewire Software

Guidewire (NYSE: GWRE) delivers the industry platform that Property and Casualty (P&C) insurers rely upon to adapt and succeed in a time of accelerating change. We provide the software, services, and partner ecosystem to enable our customers to run, differentiate, and grow their business. We are privileged to serve more than 350 companies in 34 countries. For more information, please visit www.guidewire.com.

Source: FRISS

Tags: fraud, FRISS, Guidewire, InsurTech, Plug and Play Read the original article at Insurance-Canada.ca