Friss, a provider of AI-powered end-to-end fraud prevention and detection solutions for P&C insurers worldwide, closed a $65m Series B funding.
The round was led by Accel-KKR, with participation from existing investor Aquiline. In conjunction with the funding, Joe Porten, Principal at Accel-KKR, will join Friss’ board.
The company intends to use the funds to accelerate growth with additional product innovations, deep market penetration and lines of business expansions.
Led by Jeroen Morrenhof, CEO and Co-Founder, and Christian van Leeuwen, CTO and co-founder, Friss provides AI-driven fraud and risk detection software for insurers to reduce loss ratios and increase operation efficiency, leading to stronger bottom lines, more productive teams and happier customers. Its P&C insurance fraud analytics solutions cover the complete policy lifecycle – from automated underwriting risk assessment to fraud detection during claims and comprehensive case management. The alerts are displayed via integrations with core systems such as Guidewire, Duck Creek, Sapiens, Keylane and can pull additional information from a multitude of available data points, creating an holistic view of the risks attached to each policy request, renewal or claim.
The company, which serves insurers in over forty countries today, is jointly headquartered in Utrecht, the Netherlands and Mason, OH with regional offices in the DACH and LatAm regions, UK, France and Spain. The funding will support continued expansions in these markets and beyond and drive additional growth in the current customer base through new product offerings, powered by artificial intelligence.