AI insurtech FRISS partners with Terrene Labs to enhance commercial risk selection
Insurtech FRISS, a provider of artificial intelligence-based fraud and risk solutions for the property/casualty (P&C) insurance industry, has partnered with data science company Terrene Labs.
The partnership aims to facilitate faster, more accurate and effective underwriting by commercial property/casualty insurers by simplifying their data gathering process.
It will enable carriers to access the information and insights needed to make quick, low- or no-touch decisions when onboarding new business clients. They will have access to a comprehensive risk profile analyzed using AI-based models which provide a risk score and actionable insights to the end user.
“The team at Terrene Labs has made it incredibly simple for carriers to compile a verified, comprehensive risk profile, and we’re excited to bring this enhancement to our globally-trusted FRISS Score,” said Dan Gumpright, global VP of products.
“With a proprietary and unique method to tap into new world data, Terrene has a proven record of helping carriers make smarter, quicker risk selection during the underwriting process. We’re excited to work together to bring speed and accuracy to help carriers win the business they want.”
Piyush Singh, founder and CEO of Terrene Labs, added: “With hundreds of proven implementations, we see FRISS as an industry-leading partner in risk mitigation. Working together, we’ll help carriers advance quickly into the digital age of underwriting and risk selection. We’ll paint a complete picture of the business risk a potential insurer is reviewing, and help them make a quick determination to accept, reject or modify the policy based on all known factors.”
