FRISS, an AI-powered fraud, risk and compliance solution provider for P&C insurers worldwide, has launched a Trust Automation Platform.
FRISS said a key factors holding back the speed of insurance is trust.
Whilst its important in any industry, the company said, it is of “ultimate importance” in the insurance industry, being “the very concept insurance is built on.” However, trust is hard to maintain in service-based businesses, this is in part due to the volume of interactions.
To this end, FRISS has launched its Trust Automation Platform
The platform will allow insurers to improve operational efficiency following what FRISS calls the three pillars of trust.
This includes standardising, safeguarding and automating competence. In addition to increasing customer satisfaction, and enabling the fair processes and treatment of customers which are open and transparent.
FRISS said that According to Gartner Research, customer trust will replace customer experience (CX) as the foremost strategic term for positioning and messaging of differentiated services.
Organisations that can instill digital trust will be able to participate in 50% more ecosystems to expand revenue generation opportunities, FRISS said.
Jeroen Morrenhof, CEO and co-founder of FRISS, said, “Trust is easily shaken and is nearly impossible to regain once lost. Customers will move to another insurer if interactions are not satisfying.
“Our Trust Automation Platform provides immediate informational fairness. Every result comes with the underlying rationale and is executed in a consistent, accurate and unbiassed manner, while maintaining the opportunity to add subject matter expertise when needed.”
Christian van Leeuwen, FRISS co-founder and CSO, added, “In today’s world, we are quick to assess how we are treated in personal interactions with a company. Technology can be used to help in the process. It allows for normalisation and standardisation of high volume processes, while still allowing highly trained staff to provide feedback and support exceptions when necessary.”
FRISS recently partnered with msg nexinsure, an independent provider of insurance core solutions. The partnership, according to FRISS, will be focused on making the lives of the claims handler easier.
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