FRISS, a fraud detection specialist for property and casualty insurance carriers, has closed a $65m Series B funding round.
The round was led by Accel-KKR, advised by FT Partners and endorsed by existing investor, Aquiline.
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The firm will use the proceeds to upgrade its product portfolio, deepen market penetration and drive growth in its existing markets and beyond.
FRISS leverages AI to detect fraud, mitigate risk, and support digital transformation. The insurtech, which serves insurers in over 40 countries, claimed that its AI solution has prevented over $2bn worth of insurance fraud in 2021 alone.
Insurance fraud amounts to $80bn in annual losses in the US insurance market, FRISS cited a report published by Coalition Against Insurance Fraud.
FRISS CEO and co-founder Jeroen Morrenhof said: “With an experienced software investor such as Accel-KKR and all the knowledge that we’ve gained from our presence in the industry, 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, bringing every member of the FRISS family along with us for the ride to honest insurance.”
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By GlobalDataAccel-KKR principal Joe Porten will join the board members at FRISS.
Porten said: “Insurance fraud is a massive problem that is increasing in a digital world, and FRISS delivers a differentiated solution by pairing cutting-edge technology and a rich data ecosystem with years of deep industry knowledge and a strong understanding of the customer’s needs.”
Earlier this year, FRISS acquired Terrene Labs to enhance its underwriting efficiency.
In 2019, FRISS and the National Insurance Crime Bureau joined hands to helps their clients combat insurance fraud.
