FRISS, a fraud and risk solution for the P&C insurance industry, has launched an office in the UK to support growth in the country.
The new office will be led by newly appointed Martyn Griffiths, who will lead the growth and accelerate anti-fraud capabilities in the UK. FRISS is also looking to grow the size of the UK-based team.
Griffiths has worked at a number of insurance firms during the course of his career including General Accident, NZI Insurance in New Zealand and FAI Insurance in Australia, where he has handled claims for property, casualty, and motor.
This office has come just months after FRISS opened an office in France to support the growing appetite for the FRISS platform in the country.
The RegTech companies provides P&C insurance companies with AI-powered anti-fraud and risk detection solutions. Through end-to-end fraud analytics, companies can conduct real-time assessments and improve claims and underwriting processes. Its services are used by over 150 companies, spanning more than 35 countries.
Griffiths said, “One of the great strengths of FRISS is to make use of external data providers in the risk scoring process. With the high maturity in the UK market regarding data availability, FRISS expects to make a difference for P&C insurance companies to improve their claims and underwriting process.
“Lowering risks during the application process and improving the claims process by finding more fraud, lowering costs and support straight through processing (STP) initiatives. Especially with the inquiries we have received in the past months, we feel the UK is ready to fight fraud with our AI-powered solutions.
“I feel that the moment is now for insurers to start leveraging the predictive modelling and machine learning capabilities of the FRISS platform to automate their fraud efforts. This will help insurers lower their loss ratio and help focus on the sincere customers.”
The company recently partnered with VMSolution to improve claim processing. The deal enables FRISS users to evaluate motor insurance claims directly, and ensure the claim is validated.
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