Sapiens International Corporation, a provider of software solutions for the insurance industry, is growing its ecosystem by partnering with FRISS, the automated fraud and risk solutions company.
This team-up 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 combination of out-of-the-box risk and fraud indicators, FRISS’ solutions leverage artificial intelligence to analyse policy applications, renewals, quotations and claims for high risks, fraud and compliance to drive profitable growth.
By using the company’s risk assessments, carriers can boost their customer experience by speeding up the onboarding process and eliminating friction during claims payments. And if there are any suspicious cases, they can be flagged and investigated without delay.
“Fraud has a profound, negative impact on the insurance industry, with about 10% 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.”
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