Extension of the contract follows on the successful cooperation in Latin America and Iberia, where both parties work extensively together to fight fraud and mitigate risks at P&C insurers.
Munich Re and FRISS solutions provide a fully integrated hybrid combination of AI, predictive models, network analysis, and text mining and over 600 out-of-the-box risk and fraud indicators, that can be used by insurers for real-time risk assessment at underwriting, fraud detection at claims and investigations at the special investigation unit.
Joachim MATHE, Head of Munich Re's Global Consulting, said:
"Many of our insurance clients see the need to increase efficiencies, reduce claims costs and improve their competitive edge by an increased use of automation. To take full advantage of these new opportunities, insurers must arm themselves with relevant digital and data analytics competency including a modern IT system supporting such competences. The combination of our strategy expertise and global player know-how with AI-powered fraud and risk solutions provided by FRISS, will help our clients make effective big picture decisions."
Ariane BRAAM-VERKOREN, SVP Global Alliances at FRISS, commented:
"I'm extremely happy with the extension of our partnership with Munich Re. This is a confirmation of trust after our fruitful cooperation we have had for years in Latin America and Iberia. (...) Together with Munich Re we can enable the digital transformation of our clients even better. We will globally work on making insurance more honest."