To help its clients to control risk and fight insurance frauds, FRISS - provider of fraud detection and risk mitigation software for the insurance industry, has partnered with iovation (News - Alert) – who provides advanced device identification, shared device reputation and real-time risk evaluation. Under this partnership FRISS will integrate iovation's ReputationManager 360 service into its dedicated insurance fraud prevention platform. With the integrated solution, FRISS customers can identify potentially fraudulent transactions based on the current and past behavior of the device from which it originates.
"FRISS solutions currently tackle fraud on a foundation of identity-based data," said Jeroen Morrenhof, CEO at FRISS, in a statement. "The device intelligence and device reputation analysis added by ReputationManager 360 forms a two-tier defense, dramatically strengthening our clients' ability to control risk and fight insurance fraud with no impact to the customer experience."
These solutions work across the insurance lifecycle, mitigating risk during quotation, underwriting, policy amendment, and claims handling. With the help of FRISS’ premier insurance fraud detection and risk management solution, insurers in continental Europe can curb fraud and risk through the use of third-party data, expert rules, profiles and predictive models, adding forensics capability to analyze and visualize screened and investigated cases.
"FRISS has extensive domain experience helping insurers fight fraud and manage risk," said Steve Hanson, iovation's Director of Business Development. "Already proven by major insurers to be an extremely effective fraud prevention service, ReputationManager 360 provides a perfect complement across all customer touch points, adding the strength of device intelligence to the fraud prevention equation."
iovation’s ReputationManager 360 solution monitors the reputation of devices that have been used in more than 11 billion transactions from around the world. With this large data set it can uniquely identify every device - desktops to laptops, mobile phones to tablets, and gaming consoles to smart TVs. The intelligence collected from across iovation's network of hundreds of customers and thousands of security professionals, within the insurance sector and beyond, helps businesses to identify devices that have been, or are likely to be, a source of fraudulent transactions.
Edited by Cassandra Tucker