Insurance fraud is a serious issue for the entire insurance sector. Payment of fraudulent claims has a negative effect on the loss ratio and on insurance premiums, which results into a competitive disadvantage. Moreover, investigating ‘false positives’ takes a huge amount of time and unnecessary costs. Fraudsters are getting smarter in their attempts to evade the insurer’s radar. As a consequence, money flows to the wrong people and thus combined ratios are under pressure. Most insurance companies focus on the growth of their portfolio and less on its quality.
It is important to have a clear picture of potential customers before they enter your portfolio. You should decide on the amount of risk you are willing to take in and to have the ability to adjust the screening to your pre-determined risk profile at any time. This way, you will keep control over your portfolio and maintain the optimal balance between quantity and quality.
FRISS has 100% focus and dedication to fraud detection and risk mitigation for non-life insurance companies worldwide. FRISS helps insurers to improve their combined ratio in order to achieve profitable portfolio growth and enhance the perception in the market as a trustworthy insurer. FRISS believes in honest and fair insurance premiums, for everyone.