FRISS Policy Analytics
Based on AI and machine learning techniques, the underwriting solution leads to a real-time intelligent and objective risk evaluation. In order to grow a healthy portfolio, it is important to prevent insurance fraud and high risk by having a clear picture of potential customers before they enter your portfolio. Prevent bad risks by combining AI and analytics, enable STP and deliver seamless customer onboarding.
The detection system provides an accurate estimation 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.
- Automatically and consistently screen policy applications and renewals.
- Improve customer experience
- Real-time and objective risk assessment
By scoring each policy application, the underwriting solution answers 3 basic questions:
- With who am I going to do business?
- Am I allowed to do business?
- Do I want to do business?
- Touchless Trust: 100% of customers with a good risk profile can be immediately accepted
- 90% STP increase
50% increase in rejected high risk cases at application