FRISS, a provider of AI-focused fraud prevention and detection products for P/C insurers, raised $65 million to help it carve out new product lines and market reach.
The company said it serves insurers in more than 40 countries currently, and appears likely to produce more than $2 billion in fraud savings to insurers in 2021 alone. Accel-KKR led the Series B funding round; it was advised by FT Partners and endorsed by existing investor Aquiline.
“We’ve been around for 15 years and completed over 200 implementations,” Jeroen Morrenhof, the FRISS CEO and co-founder, said in prepared remarks. “FRISS is ready to scale exponentially through our Series B, taking our mission of accelerating safe digital transformation throughout the policy lifecycle to the next level.”
FRISS’ fraud and risk detection uses artificial intelligence to help insurers reduce loss ratios and increase operation efficiency, with an eye on leading to stronger bottom lines, more productive teams and happier customers. The company said it offers real-time end-to-end P&C insurance fraud analytics products and services that cover the complete policy lifecycle – from automated underwriting risk assessment to fraud detection during claims and comprehensive case management. The alerts are displayed via integrations with core systems such as Guidewire, Duck Creek, Sapiens, and Keylane. As well, the system can pull additional information from a various available data points, with the idea of creating an holistic view of the risks attached to each policy request, renewal or claim, the company said.
FRISS is jointly headquartered in Utrecht, the Netherlands and Mason, OH with regional offices in the DACH and LatAm regions, UK, France and Spain. The funding will support continued expansions in these markets and beyond and drive additional growth in the current customer base through new product offerings, using next generation artificial intelligence.