AI-powered fraud and risk solution provider for the property & casualty insurance sector FRISS has acquired Polonious, a software for special investigations and case management, which will enable FRISS to support claims departments, special investigations units and private investigations firms.
Polonious’ product will improve FRISS Investigations capabilities worldwide, closing the loop by bringing in more data, fraud schemes and trends.
Polonious customers report the ability to increase case throughput by up to 38% and reduce administration costs nearly 25% by automating repetitive manual tasks.
Alastair Steel, co-CEO of Polonious commented: “I’m excited with the tremendous opportunity this acquisition brings for the insurance industry.
“FRISS and Polonious share their vision on how to protect the industry from malicious behaviour with future proof solutions, which greatly benefits sincere customers. I’m convinced that Polonious customers are in great hands moving forward.”
FRISS CEO and Co-founder, Jeroen Morrenhof said: “Polonious is the character known to be Hamlet’s trusted advisor.
“And that is exactly what the company reflects – they are renowned for their subject matter expertise within the insurance industry. This falls perfectly in line with what FRISS offers.
“It is a key element of our mission to fight fraud by closing the loop between departments. With Polonious we add a vast amount of features and data to our already sophisticated AI-powered fraud analytics platform. This acquisition is a giant leap toward honest insurance.”
Rick Shepherd, President of Polonious Systems added: “As a leading Insurtech solution provider, FRISS really is the guiding light towards the future of risk assessment and fraud detection.
“We can’t wait to join their team and bring Polonious’ distinguished efficiency and full-blown SaaS solution to their already robust suite of products.”
