AI-powered insurtech FRISS enters UK to tackle insurance fraud
Insurtech FRISS, a provider of artificial intelligence-based fraud and risk solutions for the property/casualty (P&C) insurance industry, has opened its UK office led by Martyn Griffiths.
FRISS said expansion into UK is a next phase of acceleration following a Series A funding in 2017 by French based Blackfin Capital Partners and US-based Aquiline Technology Growth.
Griffiths is an experienced insurance professional who has previously worked for Zurich, big data company Experian. He started his career in claims working across property, casualty and motor for General Accident, NZI Insurance in New Zealand and FAI Insurance in Australia.
“I am very happy to on board such an experienced and great person like Martyn Griffiths to open up and grow the UK office for FRISS," said Marc Mulder, CCO of FRISS. "We’ve seen growing demand in the UK territory in recent years. By supporting the UK insurance community with local presence, we feel ourselves better positioned to help out. Together with our strong partner network we are keen to bring honest insurance alive in the UK.”
Griffiths commented: “One of the great strengths of FRISS is to make use of external data providers in the risk scoring process. With the high maturity in the UK market regarding data availability, FRISS expects to make a difference for P&C insurance companies to improve their claims and underwriting process. Lowering risks during the application process and improving the claims process by finding more fraud, lowering costs and support straight through processing (STP) initiatives.
"Especially with the inquiries we have received in the past months, we feel the UK is ready to fight fraud with our AI-powered solutions. I feel that the moment is now for insurers to start leveraging the predictive modeling and machine learning capabilities of the FRISS platform to automate their fraud efforts. This will help insurers lower their loss ratio and help focus on the sincere customers.”
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