Sapiens expands its partner ecosystem with FRISS, an
automated fraud detection and risk assessment leader
HOLON, Israel, Oct. 2, 2019 /PRNewswire/ -- Sapiens
International Corporation, (NASDAQ: SPNS) and (TASE: SPNS), a
leading global provider of software solutions for the insurance
industry, today announced it has expanded its growing ecosystem by
partnering with FRISS, a market leader in AI-powered fraud and risk
solutions for the property & casualty (P&C) insurance
industry. This partnership is part of Sapiens' strategy to help its
customers better mitigate risk and reduce fraud, improve the
customer journey for low risk policies and claims, and make
innovative insurtech solutions easily available to its
customers.
Powered by a unique combination of out-of-the-box risk and fraud
indicators, and artificial intelligence, FRISS' solutions analyze
policy applications, renewals, quotations and claims for high
risks, fraud and compliance, to drive profitable growth. FRISS'
automated risk assessment allows carriers to improve their customer
experience by speeding up the onboarding process and eliminating
friction during claims payments. Suspicious cases can be
investigated immediately, and insurers benefit from actionable
insights. FRISS supports workers' compensation and other lines of
business where insurers are frequently taken advantage of.
FRISS will be seamlessly integrated into Sapiens P&C
solutions to support the entire policy/claim lifecycle and empower
staff to make the best decisions during quotation, claims handling
and investigations. First focus will be to complete the seamless
integration of the claims solution, followed by workers'
compensation and underwriting.
"Fraud has a profound, negative impact on the insurance
industry, with about ten percent of incurred losses paying for
illegitimate claims," said Jeroen Morrenhof, co-founder and CEO of
FRISS. "Our goal is to make insurance more honest. This is achieved
not only by fighting fraud effectively, but also by preventing
fraudsters from entering a carriers' book of business and making
sure that honest customers get the ultimate customer experience.
Partnering with Sapiens was a natural decision for us, as it will
enable us to shape the future of honest insurance."
"Sapiens continues to work diligently to expand our partner
ecosystem, so that our customers benefit from the latest
innovations," said Roni Al-Dor,
Sapiens president and CEO. "Fraud and risk mitigation are crucial
issues for insurers and this partnership will help them increase
their profit margins by staying one step ahead of potential
fraudsters."
FRISS products include:
- Predictive underwriting risk scoring – an automated
screening process offering real-time insights into the risks
associated with a new customer request, leveraging predictive risk
models and internal and third-party data. P&C providers can
stay competitive by accepting or rejecting policies through a
straight-through process (STP).
- Claims fraud scoring – predictive fraud models,
expert knowledge rules, and internal and third-party data identify
fraud before claims are paid. Automated fraud scoring also enables
touchless processing for legitimate claims, improving the customer
experience.
- Commercial lines and compliance screening –
commercial carriers can paint the full picture of their customer,
ensuring the right policy is written for the right price. Constant
access to up-to-date Chamber of Commerce and other data sources
allow constant monitoring of a carrier's full portfolio.
About FRISS
FRISS is 100% focused on automated fraud and risk detection for
P&C insurance companies worldwide. The AI-powered detection
solutions for underwriting, claims and SIU help 150+ insurers grow
their business. FRISS detects fraud, mitigates risks and supports
digital transformation. Insurers go live within 4 months, realize
10 times greater ROI and an 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. For more information:
www.friss.com.
About Sapiens
Sapiens International Corporation empowers insurers to succeed
in an evolving industry. The company offers digital software
platforms, solutions and services for the property and casualty,
life, pension and annuity, reinsurance, financial and
compliance, workers' compensation and financial markets. With
more than 35 years of experience delivering to over 450
organizations globally, Sapiens has a proven ability to satisfy
customers' core, data and digital requirements. For more
information: www.sapiens.com.
Investor and Media Contact
Yaffa Cohen-Ifrah
Chief Marketing Officer and Head of Corporate Communications
Sapiens International
Mobile: +1-201-250-9414
Phone: +972-3-790-2026
Email: Yaffa.cohen-ifrah@sapiens.com
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