FRISS, the market leader in AI-powered fraud, risk and compliance solutions for P&C insurance carriers, today announced the acquisition of Terrene Labs. Industry leaders in providing Commercial Insurance providers with comprehensive Risk Insights, Terrene will be a fundamental addition to the FRISS product family. Commercial lines underwriters now have access to thousands of actionable insights within just 5 seconds, replacing a disjointed manual and limited enrichment process that previously took up to a week and delayed policies for quality customers.
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FRISS acquires Terrene Labs and welcomes them to their family. (Graphic: Business Wire)
“We’re bringing commercial lines to the digital age together,” remarked FRISS CEO and Co-founder Jeroen Morrenhof. “True risk insights were always hard to access and we’re changing that. Combined with the analytics capabilities of FRISS, vast data will no longer be so overwhelming – our customers can now make better decisions and they can make them much faster.”
Both the FRISS and Terrene teams distinguish themselves in the marketplace with deep domain knowledge, with over 1,000 years of combined insurance experience. Customers will be able to take advantage of the full end-to-end product suite to screen submissions, policies, endorsement, renewals, book rollovers and claims, utilizing a trove of data sources, images, and social networks, all in real-time through a holistic approach applying predictive analytics and AI.
The acquisition follows FRISS’s announcement of a record year, in which they showed a 58% revenue growth and doubled their client base in North America. By acquiring Terrene, FRISS onboards a market proven product, strong customer base and deep industry knowledge that will strengthen their position as a true industry partner. Terrene products will join the FRISS product suite as Underwriting Insights and will help commercial lines insurers immediately identify every angle of risk. Underwriting Insights will be available immediately as a standalone product, and will soon integrate with the end-to-end solutions already offered by FRISS.
With a singular focus on the insurance industry, FRISS and Terrene tackle all aspects of fraud detection and risk insights respectively. Their offerings are highly synergistic and work seamlessly to solve the issues carriers face in their quest toward end-to-end digital underwriting. Combined, the companies deliver instant protection against unwanted risks, helping revitalize insurance so that carriers can focus on an efficient customer experience without the looming threat of dishonesty.
“Carriers have to be smarter and quicker in the way they assess risk in today’s dynamic environment, and that’s what our team helps them do,” shared Terrene Labs CEO and Founder Piyush Singh. “We’re excited to join the forward-thinking vision of the FRISS team to accelerate the mission to solve our customers’ most pressing issues together.”
To learn more about FRISS Underwriting insights and watch a quick demo here.
About Terrene Labs
Led by a team of industry experts, Terrene provides solutions for next-generation digital underwriting. Turning a manual, multi-day process into an automated solution that arrives in seconds, Terrene takes the chore out of an underwriter’s job and allows them to focus on the tasks that really matter. Terrene customers appreciate the long-term value of instantly understanding every risk in their book of business, proven through the loyalty and strong relationship of their customer base.
With over 200 implementations, FRISS is recognized globally as the leading provider of AI-powered fraud detection and prevention software for the P&C industry. As the longest operating dedicated provider, FRISS has diligently evolved to meet the changing needs of their customers, especially as the industry enters the accelerated change of the digital age of insurance. No other company offers the depth of experience and holistic focus on fraud detection and prevention found at FRISS. FRISS customers appreciate their unique focus on insurance fraud prevention and the dedication they show to their customers’ success. Learn more at www.friss.com.