Market Overview

FRISS Brings Claim Fraud Analysis to a Next Level With Web-IQ's Innovative Online Network Solution


Asking your neighbor or friend to sign as a witness to a claim for car
damages at your insurance company will work no more, with the new Claim
Fraud Analysis feature of FRISS.

This press release features multimedia. View the full release here:

Eldert van Wijngaarden (Web-IQ) and Philip van Waning (FRISS) shaking hands. (Photo: Business Wire)

Eldert van Wijngaarden (Web-IQ) and Philip van Waning (FRISS) shaking hands. (Photo: Business Wire)

FRISS, the worldwide provider of AI powered fraud and risk solutions for
the P&C insurance industry, recently added a new and innovative feature
in their fraud analytics solution: Online Network Analysis from Web-IQ.
This feature automatically identifies if the claimants and the insured
or other involved persons are related to each other in an on-line
environment. This is a proven and strong indicator for fraudulent
claims. Especially with car accidents and other types of claims where
multiple persons are involved, it adds a whole new approach to the
traditional claim analyses.

"Research shows that on average almost 20% of all reported insurance
claims have a degree of fraud, ranging from an exaggeration of the
damage to a complete false claim. This means that there is a big blind
spot for insurance companies that can only be attempted to be solved by
using new and innovative approaches", says Ronald Hoek, head of business
development for Web-IQ's corporate product line called Bizz-IQ. "Our
technology brings the capacity of 1,000 online investigators and returns
information and relations that so far is almost impossible to provide by
a human process to the user in minutes".

Insurance companies have already shown a lot of interest in this new
feature, and the expectation is that several companies will start this
summer with the implementation of this new feature in their claims
process via the FRISS platform. "Our clients are enthusiastic, and they
can´t wait to see this new technology in action to identify fraudulent
claims as never before. Leveraging the value of online information for
insurers is the start of a new era in the fight against fraud",
says Philip van Waning, Data Partner Manager at FRISS.

"More than 80% of property casualty insurers in North America
are working on digital transformation. But as insurance products become
more complicated, the channels of interaction with customers and
possible fraudsters are increasing", said Karlyn Carnahan, Head of
Celent's Property Casualty practice for the Americas. "New sources of
data and new, highly sophisticated, fraud analytic techniques are needed
to keep up. Winners will be those that can deliver actionable insights
at multiple points in the customer relationship – quoting, payments and,
yes, claims."

About Web-IQ

Web-IQ has a background in developing online intelligence software for
law enforcement and government agencies. Since 2017, Web-IQ has started
working in corporate markets (Bizz-IQ division), together with FRISS and
other insurance companies and financial organizations, to help combat
fraud and monitor risks. By conducting comprehensive customer due
diligence via automated online investigations, Bizz-IQ is able to find
and analyze public online information which was previously seen as
infeasible and to transform this into actionable risk indicators.


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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