Market Overview

Unique Partnership between Rabobank and FRISS Untaps the Value of IBAN-Name Check for Insurers to Reduce Fraud


Insurance companies can now also use the IBAN-Name Check, an innovative
service that checks whether the name and the IBAN number match. To this
end, Rabobank SurePay has entered into a cooperation agreement with
FRISS, the worldwide provider of fraud and risk solutions for the P&C
insurance industry.

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"The IBAN-Name Check allows insurers to check bank details before they
pay out a claim for damages", says Marcel Rienties, co-founder of
Rabobank SurePay. "This gives them a means to further improve the
verification of payments". Rienties is delighted with the cooperation
with FRISS, which specializes in preventing and detecting fraud in the
insurance industry.

FRISS has developed a leading platform for this that, on the basis of
Artificial Intelligence (AI), provides risk scores for each incoming
policy application or claim. The platform is now being used by numerous
insurance companies around the world. Via the software platform of
FRISS, insurers can add the IBAN-Name Check as an extra verification

"Thanks to linking SurePay to the acceptance and claims process of
insurers, FRISS is now able to identify payment fraud at IBAN level",
says Philip van Waning, Data Partner Manager at FRISS. "The check is
completely automated and saves the insurer a lot of time. It also
prevents money from being paid out in fraudulent cases. IBAN-Name Check
links up seamlessly with FRISS's mission to support honest insurance".

The IBAN-Name Check has been developed by SurePay, a corporate start-up
of Rabobank. The system provides a notification when the IBAN and name
do not match the details of the bank or if a bank account has been
cancelled. Since Rabobank introduced the check in the autumn of 2017,
the number of incorrect transfers has been halved. Invoice fraud at
Rabobank has been reduced by 70%. A month ago, ING, SNS, ASN and
Regiobank also introduced the IBAN-Name Check.

The collaboration with FRISS is an example of how technological
innovations in the banking sector can help the insurance industry. The
IBAN-Name Check allows insurers to get an even better picture of their
payment transactions in order to prevent fraud.

FRISS has a 100% focus on automated fraud and risk
detection for P&C insurance companies worldwide. The AI-powered
detection solutions for underwriting, claims and SIU has helped 150+
insurers to grow their business. FRISS detects fraud, mitigates risks
and supports digital transformation. Insurers go live within 6 months,
with fixed price projects, and realize an ROI within 12 months. The
FRISS solutions help to lower the loss ratio, enable profitable
portfolio growth, and improve the customer experience.

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