Randall and Quilter Insurance renew partnership with Atos
According to reports, Atos is Randall and Quilter’s core digital partner. The technology company has managed the insurance giant’s growing IT footprint since 2018, and its mission has been to generate profit from the expert management of legacy non-life insurance acquisitions and reinsurance.
Atos established partnerships in insurance and banking
Currently, Atos acts as a partner to a number of the world’s leading banks and insurers. For example, Atos in the UK and Ireland is an FCA accredited business and has a growing footprint and expertise in assisting the digital transformation of legacy insurance acquisition organisations.
The French company, which was founded in 1997, is headquartered in Bezon and has a global network of 25,000 financial services and insurance experts in 44 countries including in the UK. It also employs an estimated 9,500 experts who deliver business technology solutions for some of the country’s largest public and private sector organisations.
Speaking about the partnership, Sangeeta Johnson, Head of Operations at Randall and Quilter explained, “We require a partner that can take a strategic view of our digital operations and optimise a disparate set of systems in order to help realise our core mission and in opting to renew our contract and with Atos we have the right partner to help us deliver on our objectives.”
David Haley, Atos Head of Financial Services and Insurance, Northern Europe, agreed with Johnson, saying, “Through close collaboration Atos is able to audit, identify and achieve rationalisation of the Randall and Quilter digital estate, presenting an integrated and modernised ecosystem, helping to manage its operations effectively and realise the value of its investments within the highly regulated geographies in which it operates.”
Anti-fraud technology firm FRISS raises US$65mn in funding
FRISS, a technology firm specialising in anti-insurance fraud and provider of AI-focused insurance fraud prevention products, has today announced it has raised US$65mn in Series B funding to expand its business and develop new products. Led by private equity firm Accel-KKR, the round was endorsed by investor Aquiline and advised by FT partners.
The company, active in more than 40 countries worldwide, will aim to save insurers around US$2bn in capital obtained from fraudulent activity this year alone. “We’ve been around for 15 years and completed over 200 implementations,” said Jeroen Morrenhof, FRISS CEO and co-founder.
“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,” Morrenhof added.
How does FRISS’ anti-fraud technology work?
The technology used by FRISS to detect fraudulent activity integrates artificial intelligence (AI) to help insurers reduce losses and increase operational efficiency. The company said it offers real-time end-to-end P/C insurance fraud analytics products and services covering the complete lifecycle of the policy, including automated underwriting risk assessment to fraud detection during claims and comprehensive case management.
Alerts are displayed via integrations with core systems such as Guidewire, Duck Creek, Sapiens, and Keylane. In addition, the system can pull additional information from various available data points to create a “holistic view of the risks attached to each policy request, renewal, or claim,” the company said.
Insurance fraud and ghost broking
Leading UK car insurance firm Aviva found more than 12,000 fraudulent claims were made in 2020, totalling more than £113mn. This amounts to 33 claims per day or one every hour. The company expects insurance fraud to increase due to the financial strain brought about by the coronavirus pandemic. It also found that more than 19,000 claims were under investigation for fraud whilst fraudulent policy applications and Ghost Broking grew by 34%. Ghost broking is a type of insurance fraud predominantly affecting the car insurance sector. It involves a fraudster or scammer targeting higher-risk individuals such as newly qualified drivers and elderly people, pretending to be either an insurer or someone who can purchase insurance on a driver’s behalf.
They tend to advertise their services on social media, university campuses, pubs, and students forums, promising cheaper insurance. After claiming to have purchased insurance successfully, they then cancel the insurance and leave the victim with no cover. They may also forge insurance documents or falisfy a driver’s details, invalidating the policy.