New partnership to help prevent insurance fraud by authorizing digital media
Chicago, IL (May 20, 2020) – FRISS is pleased to announce a partnership with eviid, leading provider of innovative evidential video technology to risk conscious businesses. Together FRISS and eviid can help P&C insurers to raise the number of avoided claims and detect manipulations in digital footage in real time.
Especially in the current working-from-home (WFH) world, the availability of a solution that enables business continuity and removes the necessity to go onsite for interviews or investigations and replace those with a quick visual verification is vital. eviid certifies and verifies the creation of the media, like DNA or a fingerprint, and provides this information in a seamless manner to FRISS in order to run a comprehensive fraud analysis by combining eviid data with predictive models, expert knowledge rules and internal and external data sources to build the risk score for each claim.
“Staying on top of fraudulent activities requires many different kinds of technologies – especially as the bad guys get smarter. But integrating the different kinds of digital capabilities and orchestrating the processes and data can be challenging”, says Karlyn Carnahan, Head of Celent’s Property Casualty business for North America. “Forward looking firms are creating ecosystems of pre-curated and pre-integrated solutions that simplify the process of delivering a set of very complex capabilities quickly and seamlessly.”
eviid is seamlessly integrated in FRISS Fraud Detection at Claims and can be leveraged at FNOL and during expert investigations. It turns out, that when prompted with additional questions in the FNOL process, such as the need to provide digital evidence through video or photo, 99% of the policy holders who refuse to register their claim digitally, do not proceed with filing their claims. These avoided claims lead to direct savings at the insurer. In those cases where digital media has been sent, the claim lifecycle is dramatically reduced, enabling more efficient operations.
“Fraud prevention, detection combined with visual and auditive evidence fused with a solution to deal with any social distancing measures in today’s world whilst being able to proceed with the daily workload is a superb combination to assist this industry,” says Jack Galekop, eviid’s head of European operations.
FRISS co-founder and CTO Christian van Leeuwen adds: “Especially in times like these, we are looking for ways to support our customers with state-of-the-art solutions that help them to continue their business. By partnering with eviid, we found a partner that has proven excellence in delivering AI native SaaS solutions that in real time authenticate digital media. This information is fed directly to FRISS, creating a more accurate FRISS Score. This saves insurers time by both raising the number of avoided claims as well as from investigating on location.”
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.
eviid’s evidential video reporting tool facilitates businesses in a range of sectors to capture, validate, share and access video, recorded livestream and photo quickly and easily; enabling users to share information, direct from their location, in a single, tamper-proof package. The patented, technology turns media captured on smart devices into reliable, verifiable evidence being admissible in court, claims management and compliance cases thanks to absolute data security suited for insurance, facilities management, security and infrastructure. Delivering faster case-resolutions and better outcomes, eviid solutions have been proven to deliver significant operational efficiencies, cost-savings, rapid ROI and reduced customer effort across the entire claim’s ecosystem. For more information, please visit eviid.com.
Source: FRISSTags: fraud, FRISS, partnership