US property and casualty insurer EMC Insurance Companies has chosen FRISS to help it detect insurance fraud.
EMC will leverage the FRISS hybrid detection engine to automatically flag suspicious insurance claims and access actionable insights on investigations. The solution will also highlight claims with no suspicious indicators, enabling straight-through processing and efficient handling of claims.
FRISS leverages AI and machine learning technology to identify and predict evolving fraud schemes. Its technology is backed by internal and external database searches, advanced text mining and more to screen events in real-time.
EMC special investigations unit operations director Laurie Salz said, “For us it’s not just about finding fraud. We want to give our customers the best possible experience from the moment they consider working with EMC all the way through closing out a claim.
“Unfortunately, implementing faster processes can also make certain types of fraud easier to commit. FRISS will enable us to confidently act quickly for the vast majority of our customers, while at the same time immediately identifying suspicious cases for investigation. We are excited to be ahead of the game when it comes to this type of digital transformation.”
Earlier in the month, FRISS implemented its technology into insurance software platform Snapsheet. The FinTech builds AI-powered claims management systems which insurers can use to improve their claims estimation processes and make better decisions.
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