NICB and FRISS Announce Strategic Partnership

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Dec 10, 2019, 06:00 ET

DES PLAINES, Ill., Dec. 10, 2019 /PRNewswire/ -- FRISS, a company dedicated to combating insurance fraud using innovative IT software, and the National Insurance Crime Bureau (NICB), the nation's premier not-for-profit organization dedicated exclusively to fight insurance fraud and theft, today announced the two organizations entered a strategic partnership.

NICB gathers, analyzes, and disseminates information to support its member companies in detecting fraud. This partnership provides yet another innovative way for mutual members of NICB and customers of FRISS to access and incorporate NICB information to detect fraud.

"We see this partnership as a positive step in making sure our members and FRISS customers have the tools needed to combat the challenges associated with insurance fraud," said Joe Wehrle, NICB President and CEO. "Building strategic partnerships like this reinforces our commitment to helping our members with cutting edge technology. It's another example of why NICB continues to be the insurance industry thought leader in the fight against insurance crime."

FRISS was founded in 2006 when co-founders Jeroen Morrenhof and Christian Van Leeuwen decided it was possible for technology to help combat insurance fraud. Since then the solution has been implemented over 175 times at carriers worldwide. The FRISS Score alerts insurers in real time to potentially fraudulent claims. Actionable insights and indicators are displayed to ensure the score is accurate and transparent, and that the case can be handled properly and efficiently. The FRISS Solution can be integrated with any modern or legacy core system.

"Insurance fraud has a profound societal impact," shared FRISS CEO and Co-Founder Jeroen Morrenhof. "It doesn't just hurt insurers. In fact, the average family pays hundreds more in premiums than they should each year, all because of dishonest customers. Our mission at FRISS is to make insurance more honest and partnering with NICB brings us a giant step closer to helping carriers instantly identify claims that are likely to be fraudulent. They can now execute smarter investigations quicker, deny payments on fraudulent claims and provide their honest clients with a supreme customer experience."

This partnership will allow insurers to seamlessly incorporate NICB data into their automated fraud scoring process, ensuring that cases with ties to known fraud can be caught and investigated immediately.

About FRISS:
FRISS is 100% focused on automated fraud and risk detection for P&C insurance companies worldwide. Their AI-powered detection solutions for underwriting, claims and SIU help 175+ insurers grow their business. FRISS detects fraud, mitigates risks and supports digital transformation. Insurers go live within 4 months, realize 10 times ROI and 80% increase in straight through processing of policy application and claims. FRISS solutions help lower loss ratios, enable profitable portfolio growth, and improve the customer experience. For more information, please visit www.friss.com.

ABOUT THE NATIONAL INSURANCE CRIME BUREAU: Headquartered in Des Plaines, Ill., the NICB is the nation's leading not-for-profit organization exclusively dedicated to preventing, detecting and defeating insurance fraud and vehicle theft through data analytics, investigations, learning and development, government affairs and public affairs. The NICB is supported by more than 1,300 property and casualty insurance companies and self-insured organizations. NICB member companies wrote over $496 billion in insurance premiums in 2018, or more than 81 percent of the nation's property/casualty insurance. That includes more than 92 percent ($254 billion) of the nation's personal auto insurance. To learn more visit www.nicb.org.

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SOURCE National Insurance Crime Bureau