Fraud Detection and Ethical AI

Insights with Niek Verdoes on FRISS’s Approach to Trust Automation

In a recent episode of the AWS Smart Business Podcast, our Head of Product, Niek Verdoes, and Marcel Heiwegen from Levi9 delve into the challenges of fraud detection and the role of ethical AI in the insurance sector.

Building Trust in Insurance with Technology

Insurance fundamentally relies on trust—customers trust insurers to honor claims, and insurers trust customers to report genuine losses. FRISS enhances this trust with "trust automation," blending AI-driven fraud detection with seamless customer experiences. By focusing on a customer-first approach, FRISS ensures that genuine claims are processed quickly while fraudsters are kept at bay.

How is Fraud Detected?

To give a simple example: if a claim is filed two weeks after an insurance policy has been approved, that is suspicious. The FRISS solution alerts the client who can check it further. The expertise of insurance professionals is combined with internal and external data to provide models that recognize fraud patterns and give notifications of possible fraud.

Innovation at the Core

FRISS has always been at the forefront of AI and, now Generative AI (GenAI). GenAI streamlines investigations by summarizing complex data and helping case managers identify fraudulent patterns with ease. For instance, investigators can quickly review case histories, identify anomalies, and even trace connections to organized crime rings.

However, innovation comes with challenges. Ethical AI development is a priority for FRISS, and their models undergo rigorous reviews to eliminate bias. Transparency and compliance with security standards remain non-negotiable.

The Levi9 Partnership

Since 2016, Levi9 has played a key role in supporting FRISS on customer strategy by understanding customer objectives, goals, strategies to achieve them, and the technologies used. The Levi9 team is deeply integrated into FRISS, understanding the business processes and goals, and challenging FRISS for mutual growth.

Staying Ahead in the Cat-and-Mouse Game of Fraud

Fraudsters continuously innovate, whether through deepfakes or new fraud schemes. FRISS counters this with equally innovative solutions, using AI to identify not just individual fraudulent claims but organized crime networks as well.

The Future of Fraud Detection

Looking ahead, FRISS is working on groundbreaking features to transform fraud detection. By detecting patterns and organized fraud schemes, they aim to set new industry standards and further solidify their leadership position.

A Unique End-to-End Solution

Unlike competitors offering point solutions, FRISS provides a comprehensive suite for risk assessments, claims management, and case management solutions for investigations. This breadth of service has made FRISS a go-to partner for Tier 1 and Tier 2 insurers worldwide.