FRISS collects funding to expand risk assessment technology

End-to-end fraud prevention solution for insurers FRISS has closed a fresh investment from Guidewire, which build software for P&C insurers.

With the fresh investment, FRISS hopes to deepen its integration within Guidewire PolicyCenter and ClaimCenter. It also hopes to expand its risk assessment experiences.

This investment comes hot off the heels of FRISS’ Series B round, which closed on $65m in June 2021. The round was led by Accel-KKR and was raised to help FRISS expand internationally, with a focus on the DACH and LatAm regions, as well as the UK, Spain, and France.

FRISS, which is based in the Netherlands, offers an AI-powered solution that supplies P&C insurers with fraud analytics to prevent threats. Its features include underwriting insights, risk assessment at underwriting, fraud detection at claims, compliance screening and investigations.

Guidewire vice president Mike Chen said,  “The FRISS solutions have set the standard for end-to-end fraud analytics and deliver analytical insights to improve the quality of business decision-making.

“This investment is in line with Guidewire’s data and analytics vision, an area of keen interest for us. We are committed to helping insurers leverage data and analytics to tackle challenges in underwriting and claims so they can provide excellent customer service. Investing in companies like FRISS helps us meet that objective.”

FRISS recently teamed up with Cogévie, a group health and welfare group. The deal sees FRISS deploy its fraud prevention software to help the company protect itself from threats.

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