New Funding to Fuel Rapid Market Expansion, Product Innovation and the Support of Safe Digital Transformation throughout the full Policy Lifecycle
FRISS, the most widely adopted provider of AI-powered end-to-end fraud prevention and detection solutions for P&C insurers worldwide, today announced it closed a $65 million Series B funding round led by Accel-KKR, advised by FT Partners and endorsed by existing investor, Aquiline. The funding will fuel the company’s rapid growth with additional product innovations, deep market penetration and lines of business expansions. FRISS serves insurers in over forty countries today, and is well on track to deliver over $2 billion in fraud savings to insurers in 2021 alone.
Insurance fraud is a large and growing problem faced by insurance companies, with estimates of fraud in as much as 10-17% of total claims paid annually – a staggering $80 billion annual loss in the US insurance market alone1.
1Coalition Against Insurance Fraud
Built by experts with over 1,000 years of collective experience in the insurance industry, FRISS’ AI-driven fraud and risk detection software is a globally recognized leader in helping insurers reduce loss ratios and increase operation efficiency, ultimately leading to stronger bottom lines, more productive teams and happier customers. FRISS offers real-time end-to-end P&C insurance fraud analytics solutions 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 seamless integrations with core systems such as Guidewire, Duck Creek, Sapiens, Keylane and can pull additional information from a multitude of available data points, creating an holistic view of the risks attached to each policy request, renewal or claim.
Jeroen Morrenhof, CEO and Co-Founder of FRISS said, “We’ve been around for 15 years and completed over 200 implementations. With an experienced software investor such as Accel-KKR and all the knowledge that we’ve gained from our presence in the industry, 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, bringing every member of the FRISS family along with us for the ride to honest insurance.”
“We recognize that the insurance industry is tackling challenges on many fronts including cost pressures, the need for efficiency and automation, and ever-rising customer expectations for personalized service at speed,” adds CTO and co-founder Christian van Leeuwen. “FRISS solves these challenges by tapping into the power of digital transformation and leveraging sophisticated AI to automate complex workflows at scale, shine a harsh light on risks at both underwriting and claims, while simultaneously elevate and improve the processes for carriers’ employees and their customers.”
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, powered by next generation artificial intelligence.
“Insurance fraud is a massive problem that is increasing in a digital world, and FRISS delivers a differentiated solution by pairing cutting-edge technology and a rich data ecosystem with years of deep industry knowledge and a strong understanding of the customer’s needs,” said Joe Porten, Principal at Accel-KKR and incoming board member at FRISS. “Accel-KKR has a strong track record in partnering with great entrepreneurs to accelerate growth and create market-leading technology companies. We are excited to support FRISS in the company’s next phase of growth.”
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