Chicago, IL (Jan. 23, 2020) – EMC Insurance Companies, a national property and casualty insurer, and FRISS, the leading provider of insurance fraud detection solutions worldwide, today announced their partnership.
“We’re thrilled to be working together with EMC to reduce insurance fraud and further increase profitability,” said Jeroen Morrenhof, FRISS CEO and Co-founder. “We believe insurance is a beautiful thing, and we hate to see honest customers suffer because of the dishonesty of others. We’ve been fighting and reversing this trend for over a decade.”
EMC will take advantage of FRISS’ hybrid detection engine to automatically flag suspicious insurance claims, giving their team actionable insights to begin their investigations. The FRISS Solution will also highlight claims with no suspicious indicators, enabling straight-through processing and quick handling of legitimate claims. Working seamlessly through the entire policy lifecycle, FRISS’ artificial intelligence-driven models will predict evolving fraud schemes. Combined with expert knowledge rules, internal and external database searches, advanced text mining and more, each policy application and claim will be screened in real time.
“For us it’s not just about finding fraud,” said Laurie Salz, EMC Special Investigations Unit (SIU) Operations Director. “We want to give our customers the best possible experience from the moment they consider working with EMC all the way through closing out a claim. Unfortunately, implementing faster processes can also make certain types of fraud easier to commit. FRISS will enable us to confidently act quickly for the vast majority of our customers, while at the same time immediately identifying suspicious cases for investigation. We are excited to be ahead of the game when it comes to this type of digital transformation.”
Most insurance claims are genuine, however the small percentage that are fraudulent add up to an estimated $80 billion impact in the U.S. alone. Encouraging honest consumer behavior drives down premium costs and allows carriers, like EMC, to provide the exceptional service their customers deserve.
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 FRISS.com.
About EMC Insurance Companies
EMC Insurance Companies is among the top 60 property and casualty insurance organizations in the country based on net written premium, with more than 2,400 employees. Employers Mutual Casualty Company (EMCC) was organized in 1911 to write workers’ compensation protection in Iowa. Today, operating under the trade name EMC Insurance Companies, the company provides property and casualty insurance products and services throughout the United States and writes reinsurance contracts worldwide. EMCC is licensed in all 50 states and the District of Columbia. For more information, visit www.emcins.com.
Source: FRISSTags: fraud, FRISS, partnership