FRISS, a provider of AI-powered fraud and risk solutions for the property and casualty market, has announced that it has extended its partnership with Munich Re to support insurers worldwide in the fight against fraud risk.

The extension of the agreement comes after FRISS and Munich Re successfully cooperated in Latin America and Iberia to mitigate fraud risk at P&C insurers.

FRISS provides a combination of AI, predictive models, network analysis and text mining for more than 600 risk and fraud indicators that are used by insurers for real-time risk assessment in underwriting, fraud detection during claims and investigations at the special investigation unit.

“Many of our insurance clients see the need to increase efficiencies, reduce claims costs and improve their competitive edge by an increased use of automation,” said Joachim Mathe, head of Munich Re’s global consulting. “To take full advantage of these new opportunities, insurers must arm themselves with relevant digital and data-analytics competency, including a modern IT system supporting such competencies. The combination of our strategy expertise and global player know-how with AI-powered fraud and risk solutions provided by FRISS will help our clients make effective big-picture decisions.”

“I’m extremely happy with the extension of our partnership with Munich Re,” said Ariane Braam-Verkoren, senior vice president of global alliances at FRISS. “This is a confirmation of trust after our fruitful cooperation we have had for years in Latin America and Iberia.”