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OMNI:US AND FRISS SUPERCHARGING INSURANCE WITH AI

12/06/2019

omni:us, a provider of AI-based cognitive claims management service, and FRISS, the worldwide provider of AI-powered fraud and risk solutions for the P&C insurance industry, today announced their partnership. The digitization of unstructured documents proves to be an excellent entry point in the risk assessment of policy documents and claims statements by FRISS. Data extracted by omni:us can be used for fraud detection in claims and risk assessment in the underwriting process.

It is estimated* that 10% of all paid claims are fraudulent. By using AI technologies to analyze vast amounts of data, these can be effectively combated. Information can be analyzed in real-time on suspicious behavior in words that contain high risks or suspicion of fraud.  With the effects of both providers’ solutions, insurers can significantly reduce their costs and resource while simultaneously improving customer service.

Christian Van Leeuwen

The products of both companies perfectly complement each other by delivering AI capabilities that allow insurers to embrace digitalization, improve the efficiency of their claims process, and deliver better customer experiences. omni:us’ customers expedite their claims turnaround time by 80% and at up to 75% of the original cost.

The automation of claims settlement and fraud detection is becoming the new standard. Prominent insurance companies already use the AI-based technologies of market-leading AI providers FRISS and omni:us and are thus pioneers in the comprehensive digitalization of the insurance industry. FRISS and omni:us operate internationally and offer their products in various languages and countries. The partnership covers all common markets.

Sofie-Quidenus-Wahlforss

Sofie Quidenus-Wahlforss, founder and CEO of omni:us, comments: “Artificial intelligence plays an important role in digitalization. Currently, AI technologies can be used in numerous ways – but unfortunately, adoption rates are low. Together with innovative partners like FRISS, we want to drive and shape the transformation process of the insurance world.”

Christian van Leeuwen, FRISS co-founder and CTO adds: “Our goal is to make insurance more honest. We cannot achieve this alone. Therefore, we are always looking for partnerships that add value to our FRISS Score. omni:us is exactly such a partner that brings in modern functionality, delivering actionable AI that really helps our customers in digitalizing documents to data that helps power the FRISS Score. Together we can bring the fight against fraud to the next level.”

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Finance Derivative is a global financial and business analysis magazine, published by FM.Publishing. It is a yearly print and online magazine providing broad coverage and analysis of the financial industry, international business and the global economy.