Case Study: Aegon achieves automated fraud screening and stricter underwriting with FRISS

Create a more stringent appetite for underwriting

Aegon Schadeverzekering NV, part of the multinational insurer Aegon N.V., faced a significant challenge with the rise of online fraud after it began offering insurance products on the web. This new digital channel exposed the company to sophisticated fraud schemes that negatively impacted its figures, threatening affordability for its honest customers. To combat this, Aegon partnered with vendor FRISS, leveraging its FRISS Underwriting Analytics and Claims Analytics services to create a more stringent appetite for underwriting and protect against fraud.

The solution from FRISS involved implementing a fully integrated, automated, real-time AI solution that streamlined underwriting and claims processes. This enabled Straight Through Processing (STP) and used targeted data sources for better risk assessment. As a result, FRISS is now automatically consulted for all new policy applications, with its screening results being decisive for acceptance or rejection. The digitization rate increased, underwriting rules were fully integrated, and claims handlers use FRISS scores to determine which claims require further review, effectively preventing payouts to fraudsters.

Aegon