EMC Insurance Partners With FRISS for AI-Powered Fraud Detection Systems

Friday, January 24, 2020 | 0

EMC Insurance Cos. announced a partnership with FRISS as part of an effort to identify fraudulent claims.

FRISS’ artificial intelligence-powered models will work through the entire lifecycle of each policy in order to provide real-time predictions of evolving fraud schemes. EMC will employ FRISS’ hybrid detection engine to automatically flag suspicious insurance claims, providing the EMC team with insights to begin investigations.

The detection services will also highlight claims with no suspicious indicators, to enable straight-through processing and quick handling of legitimate cases, EMC said in a statement.

While most insurance claims are legitimate, EMC said, the small percentage of fraudulent insurance claims in the U.S. alone adds up to an estimated $80 billion every year.

EMC Insurance Cos., the trade name for Employers Mutual Casualty Co., provides property and casualty insurance products throughout the country and writes reinsurance contracts worldwide.