Underwriting Decisions in a Split Second
A healthy portfolio depends on the prevention of insurance fraud and high risk. Our underwriting solution is based on AI and machine learning techniques, delivering a real-time intelligent and objective risk assessment. FRISS enables insurers to:
- Know Your Cusomter before they enter your portfolio.
- Prevent bad risks by combining AI and machine learning analytics.
- Enable straight through processing (STP).
- Deliver seamless customer onboarding in a split second.
Healthy Portfolio Growth
Most insurance companies focus on the growth of their portfolio and less on its quality. It is important to have a clear picture of potential customers before they enter your portfolio. You should decide on the amount of risk you are willing to take in and to have the ability to adjust the screening to your pre-determined risk profile at any time. This way, you will keep control over your portfolio and maintain the optimal balance between quantity and quality, while fully automating the onboarding process to deliver a digital experience customers expect.
Automated Risk Assessment Benefits
Straight Through Processing (STP)
By implementing automatic risk estimation in the underwriting process, straight through processing is being realized wherever possible. This allows your operation and process for underwriting to become significantly more efficient. With FRISS, you can identify and target those applications that are suspicious.
Real-time Objective Risk Assessment
The risk mitigation process provides you with structured and uniform screening, saving you a significant amount of time, while giving you real-time insights into the risks associated with a new customer request. With these insights, you can directly accept, reject or accept under customized conditions.
Improve Customer Experience
A smooth onboarding process delivers happy customers. The consistent and impartial screenings enable fast onboarding within a split second. Time to market new products that fit the changing market requirements goes faster, while you stay in control of your portfolio growth.
Know Your Customer
FRISS helps you to answer three basic questions:
- Who am I doing business with?
- Am I allowed to do business with them?
- Do I want to do business with them?
With the FRISS score, the risk profiles are created automatically. By using proactive monitoring of current customers, preventive measures can be taken in time, in case of changing risks. Moreover, mutated risk profiles that flow from both proactive monitoring and the claims process will be filed and used to improve current and future screenings.
Insurance is changing fast. On Demand insurance, Usage Based Insurance (UBI) and Blockchain all change the way in which you do business. With FRISS and our Risk Assessment at Underwriting you are prepared for the future. Real-time application scoring enables on the spot insurance, where ever your customer is at that moment.
Data Driven Underwriting
The FRISS underwriting solution leverages extensive, out-of-the-box internal and external data sources to paint the full picture of the customer. Combined with our AI powered risk analysis, you can easily identify potential risks and really know your customer (KYC.) before accepting the risk. You can decide on the amount of risk you are willing to take before bringing the customer into your portfolio. With FRISS, you can turn your data into knowledge.
As a proven standard, the FRISS Score is the core of the solutions and indicates the risk for each policy application or claim. It provides a white box, holistic view on fraud and risks, delivering actionable insights. The FRISS Score is based on a hybrid detection method. It combines insurance expert business knowledge, based on 10+ years of experience, with external data sources and AI.
The detection system provides an accurate estimation of the fraud and risks with the aid of expert rules, profiles, predictive models, text mining and link analysis together with all available information in more than 100 external data sources. Based on this estimation, a risk score is given (FRISS Score). The higher the score, the higher the potential risk of fraud.