Oldest P&C insurer in Canada has selected FRISS as a key component in their major transformation program
The two companies are already working together to detect claims with a high risk of fraud and enable a more efficient underwriting process
Cambridge, ON (Mar. 23, 2021) – Gore Mutual, Canada’s oldest property and casualty insurer with over $500 million in premiums, announces their selection of the AI-powered FRISS platform as part of the company’s large-scale transformation. FRISS will enable real-time fraud detection and prevention in both underwriting and claims, and will also support the company’s special investigation efforts.
Gore Mutual is currently in the midst of an ambitious transformation program that will take the organization from a mid-size, regional carrier to a national-scale insurer underpinned by best-in-class technology and operating models in only a few short years.
Partnering with FRISS will allow Gore Mutual to further enhance their advanced anti-fraud capabilities. The real-time FRISS solution provides a unique combination of out-of-the-box risk and fraud indicators with powerful AI techniques such as predictive models, network analysis and text mining. These will enable Gore Mutual to take a firmer stance against insurance fraud while enabling more efficient underwriting and claims services for the insurer and its policyholders.
“As part of our transformation strategy, we’re expanding and modernizing all of our technology as we continue to strengthen our operations and increase our digital capabilities and predictive analytics,” said Neil Weir, Vice President of Claims at Gore Mutual. “FRISS is a global leader in fraud prevention software and their innovative platform will help us to quickly identify fraud risks throughout the policy cycle allowing us to better serve all of our customers.”
“Canada has always been a beacon of potential for FRISS technology,” said Jeroen Morrenhof, CEO and Co-founder of FRISS. “According to the Insurance Bureau of Canada, 10 – 15% of claims include fraudulent activity, which costs Canadians billions of dollars in added insurance premiums. Our team is delighted to start working with Gore Mutual as part of their transformation and we are excited to help them bolster their fraud prevention capabilities.”
This partnership represents another step in FRISS’ expansion in North America where they already serve many of the top Canadian insurers.
About Gore Mutual
Founded in 1839, Gore Mutual is Canada’s oldest property and casualty insurer, with over $500 million in premiums and over $1.1 billion in assets. Based in Cambridge, Ontario and Vancouver, British Columbia, this Canadian-owned and operated mutual company employs over 450 people and is known for its investment in people, technology and innovation. Gore Mutual was voted the #1 insurance company by the Insurance Brokers Association of Ontario (IBAO) in 2014, named a 2019 Best Workplace in Financial Services and Insurance and certified as a 2020 Best Workplace Canada. Learn more at goremutual.ca.
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 up to 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.
Source: FRISSTags: fraud, FRISS, Gore Mutual, platform