18th May 2022
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.
FRISS, a leading implemented AI-powered fraud, risk and compliance solution provider for P&C insurers worldwide and Guidewire PartnerConnect Solution partner, have 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. 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 standardise 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, vp, 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.
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