CA-FRISS
FRISS , the most widely adopted provider of AI-powered end-to-end fraud prevention and detection solutions for P&C insurers worldwide, today announced it closed a $65 million Series B funding round led by Accel-KKR , advised by FT Partners and endorsed by existing investor, Aquiline . The funding will fuel the company’s rapid growth with additional product innovations, deep market penetration and lines of business expansions. FRISS serves insurers in over forty countries today, and is well on track to deliver over $2 billion in fraud savings to insurers in 2021 alone.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210728005113/en/
Insurance fraud is a large and growing problem faced by insurance companies, with estimates of fraud in as much as 10-17% of total claims paid annually – a staggering $80 billion annual loss in the US insurance market alone1 .
1 Coalition Against Insurance Fraud
Built by experts with over 1,000 years of collective experience in the insurance industry, FRISS’ AI-driven fraud and risk detection software is a globally recognized leader in helping insurers reduce loss ratios and increase operation efficiency, ultimately leading to stronger bottom lines, more productive teams and happier customers. FRISS offers real-time end-to-end P&C insurance fraud analytics solutions that cover the complete policy lifecycle - from automated underwriting risk assessment to fraud detection during claims and comprehensive case management. The alerts are displayed via seamless integrations with core systems such as Guidewire , Duck Creek , Sapiens , Keylane and can pull additional information from a multitude of available data points, creating an holistic view of the risks attached to each policy request, renewal or claim.
Jeroen Morrenhof , CEO and Co-Founder of FRISS said, “We’ve been around for 15 years and completed over 200 implementations. With an experienced software investor such as Accel-KKR and all the knowledge that we’ve gained from our presence in the industry, FRISS is ready to scale exponentially through our Series B, taking our mission of accelerating safe digital transformation throughout the policy lifecycle to the next level, bringing every member of the FRISS family along with us for the ride to honest insurance.”
“We recognize that the insurance industry is tackling challenges on many fronts including cost pressures, the need for efficiency and automation, and ever-rising customer expectations for personalized service at speed,” adds CTO and co-founder Christian van Leeuwen . “FRISS solves these challenges by tapping into the power of digital transformation and leveraging sophisticated AI to automate complex workflows at scale, shine a harsh light on risks at both underwriting and claims, while simultaneously elevate and improve the processes for carriers’ employees and their customers.”
FRISS is jointly headquartered in Utrecht, the Netherlands and Mason, OH with regional offices in the DACH and LatAm regions, UK, France and Spain. The funding will support continued expansions in these markets and beyond and drive additional growth in the current customer base through new product offerings, powered by next generation artificial intelligence.
“Insurance fraud is a massive problem that is increasing in a digital world, and FRISS delivers a differentiated solution by pairing cutting-edge technology and a rich data ecosystem with years of deep industry knowledge and a strong understanding of the customer’s needs,” said Joe Porten , Principal at Accel-KKR and incoming board member at FRISS. “Accel-KKR has a strong track record in partnering with great entrepreneurs to accelerate growth and create market-leading technology companies. We are excited to support FRISS in the company’s next phase of growth.”
About FRISS :
FRISS is 100% focused on automated fraud and risk detection for P&C insurance companies worldwide. Their AI-powered detection solutions for underwriting, claims, and SIU have helped 200+ insurers grow their business. FRISS detects fraud, mitigates risk, and supports digital transformation. Insurers go live within 4 months, realize up to 10 times ROI and an 80% increase in straight-through-processing of policy application and claims. FRISS solutions help lower loss ratios, enable profitable portfolio growth, and improve the customer experience. For more information, please visit www.friss.com .
About Accel-KKR:
Accel-KKR is a technology-focused investment firm with over $10 billion in capital commitments. The firm focuses on software and tech-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. In 2019 and 2020, Inc . named Accel-KKR to “PE 50 – The Best Private Equity Firms for Entrepreneurs”, its annual list of founder-friendly private equity firms. Accel-KKR is headquartered in Menlo Park with offices in Atlanta and London. Visit accel-kkr.com to learn more.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210728005113/en/
Link:
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Access Advance Welcomes Global Technology Leaders as Licensees and Licensors to New Video Distribution Patent Pool2.7.2025 02:00:00 CEST | Press release
Access Advance LLC ("Advance") today announced the inaugural roster of licensees and licensors for its Video Distribution Patent ("VDP") Pool, marking a significant milestone in the program's rapid market adoption since its January announcement. The participation of major global companies heavily involved in video codec technology demonstrates strong industry support for the comprehensive licensing solution covering HEVC, VVC, VP9, and AV1 codecs. The VDP Pool has successfully attracted a group of licensees/licensors including ByteDance, Kuaishou, NTT Docomo, and Tencent. This represents the beginning of what Access Advance expects to be widespread adoption among content streaming providers seeking simplified codec licensing. The licensees’ participation provides immediate access to the wide-ranging patent portfolio while benefiting from the fixed tiered pricing structure designed to scale with business size. "We're pleased to welcome ByteDance, Kuaishou, NTT Docomo and Tencent as our
Intralot S.A. to Acquire Bally’s International Interactive Business in a Transaction that Creates a Global Gaming Technology and Services Company in Lottery and Digital Online Gaming Markets1.7.2025 21:10:00 CEST | Press release
Intralot S.A. to Remain Listed on the Athens Stock ExchangeTransaction Enterprise Value of €2.7 Billion Intralot S.A. (ATSE: INLOT) (“Intralot”) and Bally’s Corporation (NYSE: BALY) (“Bally’s”) today announced that their respective Boards of Directors approved their entry into a definitive transaction agreement (“Transaction Agreement”) pursuant to which Intralot will acquire Bally’s International Interactive business (the “International Interactive Business”) in a cash-and-shares transaction that values the International Interactive Business at an enterprise value of €2.7 billion (the “Transaction”). The consideration for the acquisition of the International Interactive Business will comprise a combination of cash paid by Intralot and newly issued shares delivered by Intralot to Bally’s, as more specifically detailed below. As part of the Transaction, Intralot expects to refinance part of its existing debt facilities and Bally’s also expects to repay secured debt from the cash proceed
Valeo Foods Group Acquires Melegatti Cakes Expanding the Italian Bakery Portfolio1.7.2025 18:21:00 CEST | Press release
Valeo Foods Group, one of Europe’s leading producers of quality sweets, treats and snacks, has successfully acquired the assets of an Italian panettone, pandoro and croissant producer, Melegatti 1894 S.p.A.This acquisition is another step forward in Valeo Foods Groups’ strategy to expand its baked sweet treats portfolio, and reinforces Valeo’s commitment to bringing authentic Italian confections and established regional brands to a wider international audience. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250702677156/en/ Melegatti Founded in 1894 in Verona, Melegatti has a strong reputation for artisanal cakes - particularly pandoro, panettone and filled croissants - traditional recipes, and a rich Italian heritage, Melegatti has a proud legacy founded on family values, craftsmanship, and a passion for quality. “We are excited to welcome Melegatti into the Valeo Foods Group,” said Ronald Kers, Group CEO. “This acquisition
PUMA and Borussia Dortmund Extend Partnership1.7.2025 18:18:00 CEST | Press release
Sports company PUMA has extended its long-standing partnership with Borussia Dortmund, and will continue to create products that cater to BVB’s many passionate fans around the world and match the club’s dynamic, fast paced style of football. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250701775493/en/ Sports company PUMA has extended its long-standing partnership with Borussia Dortmund, and will continue to create products that cater to BVB’s many passionate fans around the world and match the club’s dynamic, fast paced style of football. Since the start of their partnership in the 2012/13 season, BVB has celebrated many successes, such as reaching the finals of the 2012/13 and 2023/24 UEFA Champions League and winning the 2016/17 and 2020/21 German DFB Cup. The club is currently participating in the FIFA Club World Cup, where it has already reached the round of 16. BVB continues to set the standard in European football w
Gogo Galileo HDX Coming to Cessna Citation Jet Models1.7.2025 17:00:00 CEST | Press release
Expected FAA Supplemental Type Certification in late 2025 Textron Aviation Inc., a Textron Inc. (NYSE: TXT) company, today announced Gogo Galileo HDX will be available for aftermarket installation on Cessna Citation jets after Federal Aviation Administration (FAA) Supplemental Type Certification (STC) expected in late 2025. The global Low Earth Orbit (LEO) solution allows customers to enjoy one of the best possible in-flight connectivity and aviation experiences, no matter where their journey takes them. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250701750049/en/ Textron Aviation Inc., a Textron Inc. (NYSE: TXT) company, today announced Gogo Galileo HDX will be available for aftermarket installation on Cessna Citation jets after Federal Aviation Administration (FAA) Supplemental Type Certification (STC) expected in late 2025. (Photo: Textron Aviation) By offering Gogo Galileo HDX as an aftermarket upgrade, the Textron Av
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom