As part of its “ambitious” digital transformation program, Gore Mutual has selected the AI-powered FRISS platform to enable real-time insurance fraud detection capabilities.
The partnership with FRISS allows Gore Mutual to further enhance its anti-fraud capabilities, the insurer said. FRISS’s platform offers a combination of out-of-the-box risk and fraud indicators with powerful AI tools such as predictive models, network analysis, and text mining.
Gore Mutual’s decision to go with FRISS is part of its “Next Horizon” digital transformation strategy, which aims to reshape the company from a mid-size, regional carrier to a national scale insurer that is underpinned by best-in-class technology and operating models within the span of a few years.
“As part of our transformation strategy, we’re expanding and modernizing all of our technology as we continue to strengthen our operations and increase our digital capabilities and predictive analytics,” said Gore Mutual vice president of claims Neil Weir. “FRISS is a global leader in fraud prevention software and their innovative platform will help us to quickly identify fraud risks throughout the policy cycle allowing us to better serve all of our customers.”
“Canada has always been a beacon of potential for FRISS technology,” added FRISS co-founder and CEO Jeroen Morrenhof.
Morrenhof cited data from the Insurance Bureau of Canada, which found that between 10% and 15% of claims include fraudulent activity, which costs Canadians billions of dollars in additional insurance premiums.
“Our team is delighted to start working with Gore Mutual as part of their transformation and we are excited to help them bolster their fraud prevention capabilities,” the chief executive said.
