FRISS, an AI-powered end-to-end fraud prevention and detection solutions for P&C insurers, has collected $65m in its Series B round.
Accel-KKR led the round, with existing backer Aquiline also committing capital.
Funds from the round will be used to accelerate its product innovations, increase market penetrations and expand its lines of business. It will also use capital to expand across the DACH and LatAm regions, the UK, France and Spain.
The InsurTech company is available in more than 40 countries and is set to deliver more than $2bn in fraud savings to insurers in 2021.
Based in the Netherlands, the company has built an AI-powered fraud and risk detection software and helps insurers lower loss ratios and increase operation efficiency, it claims. Its real-time end-to-end P&C fraud analytics solutions cover the complete policy lifecycle, from automated underwriting risk assessment to fraud detection during claims.
FRISS CTO and co-founder Christian van Leeuwen said, “We recognize that the insurance industry is tackling challenges on many fronts including cost pressures, the need for efficiency and automation, and ever-rising customer expectations for personalized service at speed.
“FRISS solves these challenges by tapping into the power of digital transformation and leveraging sophisticated AI to automate complex workflows at scale, shine a harsh light on risks at both underwriting and claims while simultaneously elevate and improve the processes for carriers’ employees and their customers.”
Last year, the company teamed up with Austrian insurance firm HDI Versicherung. The deal sees FRISS integrate its technology to help the insurer improve the claims process and boost compliance efforts.
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