The feature-rich Polonious product will improve FRISS Investigations capabilities worldwide, closing the loop by bringing in more data, fraud schemes and trends
Toronto, ON (Mar. 7, 2022) – FRISS, the most widely implemented fraud, risk and compliance solution for P&C insurers worldwide, is thrilled to announce the acquisition of Polonious, the expert software for special investigations and case management. The acquisition better enables FRISS to support claims departments, special investigations units and private investigations firms. The feature-rich Polonious product will improve FRISS Investigations capabilities worldwide, closing the loop by bringing in more data, fraud schemes and trends. With the acquisition, FRISS welcomes the 40 current Polonious insurance industry customers in the United States, Canada, Australia and New Zealand to the FRISS family.
Polonious customers report the ability to increase case throughput by up to 38% and reduce administration costs nearly 25% by automating repetitive manual tasks. Furthermore, the product helps unburden IT resources through a no-code solution, configurable user interface, and the availability of a wide range of workflows. Polonious became the number one choice for special investigation units in the insurance industry by combining technology advancement and subject matter expertise. The system can be configured to maximize any investigation workflow and includes full reporting and time-saving process automation capabilities. Insurance leaders have come to recognize the unique cost savings, and inherent brand protection that Polonious brings to their organizations.
“I’m excited with the tremendous opportunity this acquisition brings for the insurance industry,” says Alastair Steel, co-CEO of Polonious. “FRISS and Polonious share their vision on how to protect the industry from malicious behavior with future proof solutions, which greatly benefits sincere customers. I’m convinced that Polonious customers are in great hands moving forward.”
“Polonious is the character known to be Hamlet’s trusted advisor. And that is exactly what the company reflects – they are renowned for their subject matter expertise within the insurance industry. This falls perfectly in line with what FRISS offers,” adds FRISS CEO and Co-founder, Jeroen Morrenhof. “It is a key element of our mission to fight fraud by closing the loop between departments. With Polonious we add a vast amount of features and data to our already sophisticated AI-powered fraud analytics platform. This acquisition is a giant leap toward honest insurance.”
“As a leading Insurtech solution provider, FRISS really is the guiding light towards the future of risk assessment and fraud detection,” shares Rick Shepherd, President of Polonious Systems. “We can’t wait to join their team and bring Polonious’ distinguished efficiency and full-blown SaaS solution to their already robust suite of products.”
FRISS and Polonious have long shared the belief that honesty is the best policy. By joining forces, Polonious customers will have access to the wide variety of resources and products FRISS has to offer. Likewise, current FRISS customers will be able to broaden their SIU capabilities and further optimize their workflows. The solution is available worldwide.
Polonious has been a leading provider of case management systems in the insurance industry since 2006. Their unique approach to fully-configurable case management has helped insurers save on labor and fraud costs, reduce their need for IT involvement, and protect their brands. Polonious is a tried and tested solution that has been deployed over 80 times in 8 different countries. About 11,000 users log into Polonious daily to manage their fraud cases more effectively. For more information, visit www.polonious-systems.com.
FRISS is 100% focused on automated fraud, risk and compliance solutions for P&C insurance companies worldwide. Their AI-powered solutions are available for Underwriting, Claims, and SIU, offering support for full end-to-end digital processing. With over 200 implementations across more than 40 countries, FRISS is seen as a trusted advisor, guaranteeing a safe digital transformation for all of their customers, and unique tailoring of solutions to fit their specific needs. Carriers can expect a seamless integration and products that provide a quick time to value (TTV). Now, with $65 Million from their Series B funding round in 2021, FRISS will be able to continue offering their customers state-of-the-art technology to guide carriers through an ever-changing fraud landscape. For more information, please visit FRISS.com.
Source: FRISSTags: Acquisition, fraud, FRISS