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.
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.
Source: Street Insider
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