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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.
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.
About UNIQA Insurance Group AG
The UNIQA Insurance Group AG is one of the leading insurance groups in its core markets of Austria and Central and Eastern Europe (CEE). Around 20,000 employees and exclusive sales partners serve over 10.1 million customers in 18 countries. UNIQA is the second-largest insurance group in Austria with a market share of more than 21 per cent. UNIQA operates in 15 markets in the CEE growth region: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Kosovo, Northern Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia and Ukraine. The UNIQA Group also includes insurance companies in Switzerland and Liechtenstein.
About Celent
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally experienced analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC]. www.celent.com
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 help 175+ insurers grow their business. FRISS detects fraud, mitigates risks and supports digital transformation. Insurers go live within 4 months, realize 10 times ROI and 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 .
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