FRISS launches new underwriting risk tool on the Guidewire Marketplace

AI-powered fraud, risk and compliance solution developer FRISS has launched its services on the Guidewire PartnerConnect, following a partnership between the pair.

The agreement sees the FRISS Accelerator for Underwriting Risk Assessment launch on Guidewire Marketplace.

This accelerator facilitates real-time underwriting decision-making during the policy lifecycle. It will automatically screen policies and prospects according to the insurer’s risk appetite to help them establish a straight-through process while safeguarding a healthy portfolio.

Insurers will be able to standardise decision-making, automate underwriting rules and improve processes within Guidewire’s PolicyCenter.

PolicyCenter provides companies with tools to launch new insurance products within a core system.

This accelerator will be available for personal auto, commercial auto, workers compensation, general liability, homeowners and inland marine.

FRISS global partner manager Bas de Graaf said, “By using this Accelerator, insurers can better meet their compliance requirements. In addition to identifying customers and screening against various sanction lists, a FRISS Risk Assessment Score with accompanying explanations can be obtained, completely tailored to the insurer’s desired risk appetite.

“Fully integrated into PolicyCenter, the underwriter can make real-time decisions based on real-time data, benefiting both the insurer and their customers.”

Guidewire was recently picked by Traditional Mutual Insirance Company to automate underwriting and reinsurance businesses processes.

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