Digitalization and automation are changing the way insurers work. Insurance companies are becoming more vulnerable both to individual fraudsters and organized crime. Without effective solutions to identify fraudsters in time, there is a risk that a growing cost will be transferred to customers and society as a whole, in the form of increasing premiums.
“With FRISS, Tieto’s customers can now benefit from a future proof platform, solving both today’s and tomorrow’s fraud challenges. The combination of our forces is unique in the Nordics, where Tieto has a long local history and can provide secure and compliant hosting options and end-to-end implementation capabilities”, says Tieto Christian Segersven, Vice President Tieto Financial Services.
Many insurance companies can only investigate a very small proportion of flagged potential cases. Among these, “false positives” are a major concern. The solution that FRISS and Tieto offer increases the number of real fraudulent cases identified, while reducing the overall number of flagged cases. This helps fraud investigators spend their time on cases that matter. Genuine claims can be handled and paid out faster, increasing customer satisfaction.
“The cooperation with Tieto will help make insurance in the Nordics more honest, by stimulating fair insurance premiums and profitable growth. We already had a foot on the ground in the region. Now we can leverage Tieto’s thorough market understanding and presence to meet the specific demands of Nordic insurers, while further enhancing our proven fraud management solutions”, says Marc Mulder, CCO at FRISS.
Fraudulent payments are estimated at 2,5-5 billion SEK per year in Sweden (source), and in Finland, a study found that 17% respondents said they knew a person “who has deceived their insurance company” (source).
For more information, please contact:
Christian Segersven, Vice President Tieto Financial Services
firstname.lastname@example.org, +358 50 3112486
Marc Mulder, CCO at FRISS
email@example.com, +31 6 28612927
Tieto aims to capture the significant opportunities of the data-driven world and turn them into lifelong value for people, business and society. We aim to be customers’ first choice for business renewal, by combining our software and services capabilities with a strong drive for co-innovation and ecosystems. www.tieto.com
FRISS has 100% dedication to fraud, risk and compliance for non-life insurance companies worldwide. FRISS helps insurers to achieve profitable portfolio growth and improve their perception in the market as a trustworthy insurer. FRISS is a ready-to-use business solution and improves the insurers' loss ratios by identifying high risks and fraud at quotes, underwriting and claim handling across all private and commercial lines. The FRISS® Score enables better decisions since it indicates the risk for each quotation, policy or claim. FRISS is European market leader with 100+ implementations in 17 countries. www.friss.eu