FRISS acquires Terrene Labs to 'bring commercial lines to the digital age'
FRISS, the market leader in AI-powered fraud, risk and compliance solutions for property and casualty (P&C) insurance carriers, has acquired Terrene Labs, which provides risk insights to commercial insurers.
Terrene gives commercial lines underwriters access to thousands of actionable insights within just five seconds, replacing a disjointed manual process that could take up to a week in some cases, delaying policies for customers.
In March 2020 the two groups announced a partnership to simplify data gathering and facilitate faster, more accurate and effective underwriting for commercial P&C insurers. This tie-up goes further, gives customers access to the full end-to-end product suite, including screen submissions, policies, endorsement, renewals, book rollovers and claims in real-time, using predictive analytics and artificial intelligence.
Terrene products join the FRISS product suite as Underwriting Insights, helping commercial lines insurers immediately identify every angle of risk. Underwriting Insights will be available immediately as a standalone product, and will soon integrate with the end-to-end solutions already offered by FRISS.
Jeroen Morrenhof, chief executive officer (CEO) and co-founder of FRISS, said the partnership brings commercial lines to the digital age. “True risk insights were always hard to access and we’re changing that,” he said. “Combined with the analytics capabilities of FRISS, vast data will no longer be so overwhelming.”
Piyush Singh, CEO and founder of Terrene Labs, said: “Carriers have to be smarter and quicker in the way they assess risk in today’s dynamic environment, and that’s what our team helps them do.”
FRISS reported 58 percent revenue growth in 2020, doubling its client base in North America.
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