Insurance companies are now able to apply AI to evaluate motor vehicle insurance claims via the FRISS Platform and then handle claims found to be valid in a special "fast claim process." This is where VMSolution's unique software is deployed. Once a customer has been approved for a fast pay-out process, a virtual 3D model that runs on various devices is used to record the damage, which is then transferred to the insurer's claims system using ClaimLine software. ClaimLine calculates all the repair costs in real time and transfers that information to the insurance system in a structured way that allows immediate payment.
"ClaimLine combines today's technical tools for fully automated loss calculation in a device-independent platform solution", says Leonel Martins, Managing Director of VMSolution GmbH. "It is unique because the process runs from end to end without interruptions for detailed assessment by a company expert or loss assessor. We are able to handle up to 60% of all motor vehicle claims via this solution, which can then be processed in full by the insurer in less than 10 minutes."
FRISS has developed a leading platform that uses AI to assess the risk associated with each claim. Their platform is being used in over 150 implementations throughout the world. Insurers can now make use of an additional service via the FRISS software platform.
"The link between ClaimLine and FRISS has extended the platform's claims processing capabilities. In addition to possible fraudulent intentions, the platform also identifies positive factors that qualify a customer for possible "quick claim processing," noted Nicola VIRZI, General Manager, DACH at FRISS. "Integration of the calculation result maximizes efficiency and makes the pay-out process easy to audit."
This collaboration between FRISS and VMSolution is a perfect example of how technical innovation and cooperation between service providers can revolutionize end-to-end claim processing for insurers.
About FRISS | www.friss.com
FRISS focuses exclusively on automated fraud detection and risk identification for property insurers worldwide. Its AI-based risk identification and fraud detection solutions for underwriting, claims and SIU have helped more than 150 insurance companies achieve growth. FRISS detects possible fraud, reduces risks and supports digital transformation. Insurers go live with fixed-price projects within 6 months and realize an ROI within 12 months. The solutions help reduce the loss ratio, boost profitable portfolio growth and improve customer satisfaction.
About VMSolution | www.vmsolution.de
The Munster-based start-up VMSolution was founded in 2018 as an information and software service provider for car insurance companies. In addition to vehicle-specific risk assessments for the underwriting process, ClaimLine is the second solution to be launched on the market by VMSolution in its first year of trading.