ForMotiv and FRISS Partner to Enhance Fraud Detection and Risk Mitigation in Insurance
Toronto, ON (June 17, 2022) – ForMotiv, the leading provider of behavioral data science solutions for life and property and casualty insurance, is pleased to announce a strategic partnership with FRISS, a global leading provider of trust automation solutions for the insurance industry.
The collaboration between ForMotiv and FRISS aims to provide insurers with new insights into applicant behavior and intent, significantly enhancing fraud detection and risk assessment processes. By combining ForMotiv’s behavioral analytics with FRISS’s predictive AI models and analytics, insurers can capture and analyze thousands of digital behavioral data points during the application process. The integration allows for real-time identification of potential fraudulent activities and misrepresentations, improving the accuracy and efficiency of underwriting decisions.
Through this partnership, insurers can offer a more secure and personalized user experience without increasing risk. By understanding the digital behavior of applicants, insurers can tailor their interactions to each individual, ensuring a seamless and trustworthy application process. This helps to defeat fraud and better support trustworthy customers.
“Partnering with FRISS is an exciting step forward for ForMotiv,” said Woody Klemmer, Head of Marketing at ForMotiv. “The integration of our behavioral analytics technology with FRISS’s trust automation solutions will provide insurers with critical insights into applicant behavior, helping them to mitigate risk and improve underwriting confidence.”
“We are thrilled to join forces with ForMotiv,” said Francis Slykhuis-Landry, Global Data Partnership Manager for FRISS. “Adding ForMotiv’s behavioral analytics enhances our ability to detect fraud and assess risk in real-time. This collaboration exemplifies our dedication to delivering state-of-the-art solutions that empower insurers to make informed decisions and protect their businesses. It is again a major step forward in our quest for honest insurance.”
This partnership underscores both companies’ commitment to leveraging innovative technology to drive the next generation of risk assessment solutions.
About ForMotiv
ForMotiv’s Behavioral Data Science platform runs real-time machine learning on a unique, first-party digital behavioral dataset captured during the application process to predict user intent and enable carriers to act on it in real time to increase placement/bind rates and reduce nondisclosure/premium leakage. ForMotiv offers proprietary insurance solutions such as our Premium Leakage, Non-Disclosure, Material Misrepresentation, and Underwriting Risk Solution in addition to our Bind and Placement Rate Solutions. ForMotiv solutions are used by leading carriers across the globe to understand and act on both customer and agent intent. For more information, visit formotiv.com.
About FRISS
FRISS is 100% focused on automated fraud, risk and compliance solutions for P&C insurance companies worldwide. Their AI-powered solutions are available for Underwriting, Claims, and SIU, offering support for full end-to-end digital processing. With over 200 implementations across more than 40 countries, FRISS is seen as a trusted advisor, guaranteeing a safe digital transformation for all of their customers, and unique tailoring of solutions to fit their specific needs. Carriers can expect a seamless integration and products that provide a quick time to value (TTV). Now, with $65 Million from their Series B funding round in 2021, FRISS will be able to continue offering their customers state-of-the-art technology to guide carriers through an ever-changing fraud landscape. For more information, please visit FRISS.com.
Source: FRISS
Tags: fraud, FRISS, partnership