Fraud and risk solution developer FRISS has formed yet another partnership and will now provide its fraud detection services to German insurer DEVK.
The insurance firm has implemented the FRISS Fraud Detection at Claims solution to better protect its customers.
DEVK has over 400 staff spread across 19 offices in Germany screening around 160,000 claims each month. The integration of FRISS will give them real-time claim insights to help them accelerate their processing.
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.
FRISS senior project manager Olcay Krandaoglu said, “DEVK’s demand is “Said. Done. Helped.”. I strongly believe, that with FRISS we help them in living this statement. For each claim handler we deliver all the actionable insights, so they really know what is behind the claim. This helps them in turning a moment of misery into a moment of magic for those claimants, that need their service most.
“Although we faced some challenges in the project, I’m happy to see that with the strong partnership and cooperation in the project teams we turned these into a success and have very good results. I’m looking forward to working with DEVK in their other lines of business as well.”
Earlier in the year, US property and casualty insurer EMC Insurance Companies deployed the FRISS solution to help it detect insurance fraud.
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