FRISS Accelerator for Underwriting Risk Assessment Now Available in Guidewire Marketplace

Rhea-AI Summary

FRISS, an AI-powered fraud and risk compliance solution provider, announced the launch of the FRISS Accelerator for Underwriting Risk Assessment for Guidewire PolicyCenter. This solution enhances insurers' underwriting capabilities, leading to cost reductions and improved risk assessment processes. The accelerator has completed the Ready for Guidewire validation and is now available for download on Guidewire Marketplace. It facilitates real-time decision-making, ensuring compliance and a healthier portfolio while standardizing underwriting processes across various insurance lines.

Positive

• Introduces a new accelerator that enhances underwriting capabilities.
• Improves cost efficiency and risk assessment for insurers.
• Facilitates real-time decision-making and compliance.
• Standardizes underwriting processes across multiple lines of insurance.

Negative

• None.

Automated risk assessment helps insurers enhance their underwriters’ capabilities which results in cost reductions throughout the underwriting process, fraud prevention, and automation of their risk assessment. This facilitates a smooth and fast customer journey and helps insurers maintain a healthy portfolio.

MASON, Ohio--(BUSINESS WIRE)-- FRISS, the world’s most implemented AI-powered fraud, risk and compliance solution provider for P&C insurers worldwide and Guidewire PartnerConnect Solution partner, and Guidewire (NYSE: GWRE), provider of the industry platform P&C insurers rely upon, announced the FRISS Accelerator for Underwriting Risk Assessment for Guidewire PolicyCenter. The new accelerator has successfully completed the Ready for Guidewire validation process and is available for download by Guidewire customers in the Guidewire Marketplace.

The FRISS Accelerator for Underwriting Risk Assessment facilitates real-time underwriting decision-making during the policy lifecycle. (Photo: Business Wire)

The FRISS Accelerator for Underwriting Risk Assessment facilitates real-time underwriting decision-making during the policy lifecycle. The Accelerator will automatically and consistently screen policies and prospects according to the insurer’s risk appetite to help them establish a straight-through process while safeguarding a healthy portfolio. Via FRISS’s Underwriting solution, insurers can standardize decision-making and automate underwriting rules and improve their process within PolicyCenter.

“We congratulate FRISS on the addition of their newest accelerator to the Guidewire Marketplace,” said Becky Mattick, vice president, Global Solution Alliances, Guidewire. “FRISS’s Accelerator for Underwriting Risk Assessment for Guidewire PolicyCenter facilitates real-time underwriting decision-making during the quote, bind, and renewal of a policy, via powerful AI models and relevant external data feeds, streamlining the process and saving insurers time and costs.”

“I’m very pleased to have the Accelerator for Underwriting Risk Assessment live in the Marketplace, which further deepens our successful relationship with long-term partner Guidewire,” said Bas de Graaf, Global Partner Manager, FRISS. “By using this Accelerator, insurers can better meet their compliance requirements. In addition to identifying customers and screening against various sanction lists, a FRISS Risk Assessment Score with accompanying explanations can be obtained, completely tailored to the insurer's desired risk appetite. Fully integrated into PolicyCenter, the underwriter can make real-time decisions based on real-time data, benefiting both the insurer and their customers."

The Accelerator will be available for Personal Auto, Commercial Auto, Workers Compensation, General Liability (Personal and Commercial), Homeowners and Inland Marine.

About Guidewire

Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. ​We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 450 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.

As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.

For more information, please visit www.guidewire.com and follow us on Twitter: @Guidewire_PandC.

About FRISS

FRISS is 100% focused on automated fraud, risk and compliance solutions for P&C insurance companies worldwide. Their AI-powered solutions are available for Underwriting, Claims, and SIU, offering support for full end-to-end digital processing.

With over 300 implementations across more than 40 countries, FRISS is seen as a trusted advisor, guaranteeing a safe digital transformation for all of their customers, and unique tailoring of solutions to fit their specific needs. Carriers can expect a seamless integration and products that provide a quick time to value (TTV).

Now, with $65 Million from their Series B funding round in 2021, FRISS will be able to continue offering their customers state-of-the-art technology to guide carriers through an ever-changing fraud landscape. For more information, visit www.friss.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220517005258/en/

Ruud van Gerwen

FRISS Head of Global Marketing

ruud.van.gerwen@friss.com

Source: FRISS

FAQ

What is the FRISS Accelerator for Underwriting Risk Assessment by GWRE?

The FRISS Accelerator for Underwriting Risk Assessment is a new solution launched by FRISS for Guidewire PolicyCenter, enhancing underwriting capabilities for insurers.

How does the FRISS Accelerator benefit Guidewire customers?

It improves cost efficiency, automates risk assessment, and facilitates real-time decision-making during the underwriting process.

When was the FRISS Accelerator launched?

The FRISS Accelerator was announced recently and is now available for download on the Guidewire Marketplace.

What types of insurance does the Accelerator support?

The Accelerator supports various insurance lines including Personal Auto, Commercial Auto, Workers Compensation, General Liability, Homeowners, and Inland Marine.

How does the FRISS Accelerator impact risk management for GWRE?

The Accelerator helps insurers establish a standardized and automated decision-making process, which improves risk management and compliance.