Celent, the global financial services research and advisory firm, has recognized UNIQA Insurance Group AG with the Model Insurer Award in the Data, Analytics and AI category. UNIQA receives the award after implementing FRISS’ fraud detection software for their successful Strategic Group P&C Anti-Fraud Initiative.
Celent’s annual award program recognizes insurance carriers as “model insurers” for their outstanding technology initiatives. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence. Fintech News
UNIQA Insurance Group AG selected FRISS as their solution for standardized, scalable and state-of-the-art fraud mitigation in all 15 countries in which the UNIQA group operates in P&C. UNIQA based their selection on the availability of modern technologies such as Network Analysis, Text Mining and AI for the detection model. So far in the phased project 9 out of these 15 countries operating in P&C are already live and delivering a considerable increase in savings resulting from new and improved fraud investigation, with a total increase of €18.4m since the start of the anti-fraud initiative. Thanks to a seamless integration with FRISS, handing fraud cases has become significantly more efficient and more transparent.
“The centrally-steered project allows us to transfer best practice models to all business units within the Group,” shared Irene Reihs, Project Leader, Strategic P&C Initiative Anti-Fraud. “Based on a rich collection of experiences of the local anti-fraud teams combined with the latest technology by FRISS, we can combine the most effective ways of investigation under a common strategy. The agile way of working together, running projects in different countries in parallel, turned out to be the right choice to deliver considerable operational benefits. We are now able to better serve our sincere customers by putting them on a fast track. That means these clients will receive much easier and faster claims handling process and payments on the moments that matter most.”
“I’m absolutely delighted that Celent recognizes the fantastic results UNIQA has already seen with our anti-fraud software,” commented Jeroen Morrenhof, FRISS CEO and co-founder. “Having an automated, AI-powered solution to detect fraud in real time has become mandatory to enable better service for honest clients. And for us, making insurance more honest is what it’s all about. UNIQA has been working closely with our teams and we both respect each other greatly as partners.”
“UNIQA has demonstrated excellence in execution of advanced analytics and strategy by creating a common solution framework for multiple languages in multiple markets to address honesty and improve client experience in claims. Their corporate and local leaders joined a common cause that delivered real results with cutting edge analytics in conjunction with their solution partner”, said Marty Ellingsworth, Senior Analyst at Celent.