Insurance companies can now also use the Account Check. To this end, SurePay has entered into a cooperation agreement with FRISS, the worldwide provider of fraud and risk solutions for the P&C insurance industry.
The Account Check allows insurers to check bank details before they pay out a claim for damages. This gives them a means to further improve the verification of payments. We are delighted with the cooperation with FRISS.
FRISS specializes in preventing and detecting fraud in the insurance industry. FRISS has developed a leading platform for this that, on the basis of Artificial Intelligence (AI), provides risk scores for each incoming policy application or claim. The platform is now being used by numerous insurance companies around the world. Via the software platform of FRISS, insurers can add the Account Check as an extra verification step.
“Thanks to linking SurePay to the acceptance and claims process of insurers, FRISS is now able to identify payment fraud at IBAN level”, says Philip van Waning, Data Partner Manager at FRISS. “The check is completely automated and saves the insurer a lot of time. It also prevents money from being paid out in fraudulent cases. The Account Check links up seamlessly with FRISS's mission to support honest insurance”.
The collaboration with FRISS is an example of how technological innovations in the banking sector can help the insurance industry. The IBAN-Name Check allows insurers to get an even better picture of their payment transactions in order to prevent fraud.