FRISS, the global provider of fraud and risk solutions for the P&C
insurance industry, and Guidewire PartnerConnect™ Solution
partner, and Guidewire Software, Inc. (NYSE: GWRE), provider of the
industry platform P&C insurers rely upon, today announced that SURA
Colombia (SURA), has successfully deployed its integrated claims fraud
detection programme for motor personal lines with the FRISS accelerator
for Guidewire ClaimCenter™. SURA is leveraging the Guidewire ecosystem
and benefitting from integrated claim fraud detection that has the
ability to stop payment of claims identified as potentially fraudulent
while they are investigated. At the same time, the insurer is now
capable of delivering faster customer service, as obviously legitimate
claims can go on a fast track for immediate pay-out.
SURA is the first insurance company to deploy the accelerator from the
Guidewire Marketplace. Thanks to this accelerator, the integration of
FRISS within Guidewire ClaimCenter delivers a seamless experience for
the user, and a very short implementation time.
FRISS’s Ready for Guidewire accelerator enables SURA to provide
streamlined processing for fraud and risk management that comprises:
- A real-time and AI-powered risk indicator for each claim;
-
A risk score for use in guiding next steps: settlement, investigation
or risk management action; - Automated claims checking at defined stages; and
- User-friendly follow-up research and data capture.
“We decided to work with FRISS because we recognized they could give us
great value in our claims management process by providing a real-time
risk score that allows us to better focus our investigation process and
improve the claim process for honest customers,” says Ruben Dario Cañas
Aranzazu, Motor Claims Manager at SURA Colombia. “Furthermore, the
Guidewire accelerator is easily and quickly downloaded, and implemented.
Finally, FRISS and Munich RE’s partnership (an established relationship
in the region) has been such that we felt confident in the project’s
success and in reaching the goals we have set.”
Harald Schnabel, Head of Department Casualty Underwriting Latin America,
Iberia & Caribbean of Munich Re says, “In this exclusive partnership
with FRISS in Latin America, Munich Re brings claims and client
expertise, and FRISS its competence for fraud detection in insurance
based on state-of-the-art technology. This enables a fast implementation
process and supports our clients with an innovative solution. We are
convinced that FRISS will have a positive impact on loss ratios and the
efficiency of claims processes, which creates value for the client and
Munich Re. We are pleased to have SURA as the first joint implementation
in Colombia.”
“We are proud to be a Guidewire Solution partner,” said Bas de Graaf,
Global Partner Manager at FRISS. “We work together with leading core
system vendors, like Guidewire, that enable us to offer our fraud
detection solution, pre-integrated with the core claims system used by
P&C carriers all over the world. The accelerator is a proven solution,
validated by both Guidewire and FRISS, and resulting in easy and fast
implementation. SURA’s trust in the combined solution is proof of this
value. It is fantastic to see that SURA reached their ROI already during
the implementation and increased their customer satisfaction.”
“Insurance fraud has a serious, negative impact across the insurance
industry, increasing loss ratios for insurers and premiums for
consumers,” said Neil Betteridge, vice president, Strategy, Guidewire
Software. “We congratulate SURA and FRISS on the successful
implementation of this integrated solution to streamline fraud
processing and risk management. SURA’s deployment demonstrates the value
of integrations from the Guidewire Marketplace.”
About Seguros SURA Colombia
With more than 73 years of experience and 9.41 million unique clients
between its insurance and services companies, it is the leading company
in the country market, with a market share of 25% at the end of 2017. As
a subsidiary company of Suramericana S.A., its business strategy is
focus in accompanying its clients to give them wellness, competitiveness
and sustainability, by means of trend and risk management.
About Suramericana
With more than 73 years of experience, Suramericana S.A. is a company
specialized in the insurance industry and trend and risk management. It
is a subsidiary of Grupo SURA (81.1%) and has the backing of Munich Re
as a shareholder (18.9%). The company presents itself as the SURA brand,
with a complete portfolio of insurance solutions and integral trend and
risk management. Suramericana has operations in nine countries of Latin
America (Colombia, Chile, Mexico, Argentina, Brazil, Uruguay, Panama,
Dominican Republic and El Salvador), where it reaches 17.5 million
clients.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance,
primary insurance and insurance-related risk solutions. The group
consists of the reinsurance and ERGO business segments, as well as the
capital investment company MEAG. Munich Re is globally active and
operates in all lines of the insurance business. Since it was founded in
1880, Munich Re has been known for its unrivalled risk-related expertise
and its sound financial position. It offers customers financial
protection when faced with exceptional levels of damage – from the 1906
San Francisco earthquake to the 2017 Atlantic hurricane season. Munich
Re possesses outstanding innovative strength, which enables it to also
provide coverage for extraordinary risks such as rocket launches,
renewable energies, cyberattacks, or pandemics. The company is playing a
key role in driving forward the digital transformation of the insurance
industry, and in doing so has further expanded its ability to assess
risks and the range of services that it offers. Its tailor-made
solutions and close proximity to its customers make Munich Re one of the
world’s most sought-after risk partners for businesses, institutions,
and private individuals.
About FRISS
FRISS has a 100% focus on automated fraud and risk detection for P&C
insurance companies worldwide. The AI powered detection solutions for
underwriting, claims and SIU have helped 150+ insurers to grow their
business. FRISS detects fraud, mitigates risks, and supports digital
transformation. Insurers go live within six months, with fixed price
projects, and realize an ROI within 12 months. The solutions help to
lower the loss ratio, enable profitable portfolio growth, and improve
the customer experience. www.friss.com
About Guidewire PartnerConnect and Ready for Guidewire
Guidewire PartnerConnect is a global network of select companies that
provide consulting services and solutions to enhance, extend, and
complement the capabilities of Guidewire products. Our worldwide
community helps contribute to the success of our mutual customers in the
P&C insurance industry by delivering Guidewire software implementations,
value-add solution and technology offerings, and guidance on insurance
industry best practices.
Ready for Guidewire accelerators developed by PartnerConnect Solution
members have been rigorously reviewed by Guidewire, adhere to Guidewire
software design principles, and meet established criteria.
The accelerators are published on Guidewire Marketplace and are
available for download by Guidewire customers at no charge.
Guidewire PartnerConnect is an invitation-only program. For more
information about Guidewire PartnerConnect please visit www.guidewire.com/partners/.
About Guidewire Software
Guidewire delivers the industry platform that general insurers rely upon
to adapt and succeed in a time of accelerating change. We provide the
software, services, and ecosystem to enable our customers to run,
differentiate, and grow their business. We are privileged to serve more
than 350 general insurers in 40 countries. For more information, please
visit https://www.guidewire.com.
Follow us on twitter: @Guidewire_PandC.
NOTE: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices.
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