Greek Insurance Company Eurolife ERB Wins at IMPACT Bite Awards 2019 with FRISS for Automated Fraud Prevention

ATHENS, Greece–(BUSINESS WIRE)–Eurolife ERB, a Fairfax company, has won the IMPACT BITE (Business IT
Excellence) Awards 2019 in the category IT Business Process Improvement,
for its AI approach to assess risks and reduce the likelihood of fraud.
The IMPACT Bite Awards is open to all companies, across industries, who
have successfully integrated IT & tech systems and/or have taken
initiatives in the domains of IT & Comms infrastructure that support
their business goals. Eurolife ERB entered the competition with their
successful implementation of the FRISS solution for automated fraud
prevention. Thanks to this solution they lowered their loss ratio,
enabled digital transformation and improved their customer experience.

Eurolife ERB, a leading player in the Greek insurance market, has the
goal to reduce the risk it faces in cases of fraud involving future
indemnities in the car insurance industry. Through the use of Artificial
Intelligence, Eurolife ERB, in close cooperation with FRISS, has created
a process of automated, more detailed risk assessment control, seeking
faster, more complete and safer processing. This provides them with
better customer service while contributing significantly to maintaining
a net portfolio.

John Kostoglou, CIO of Eurolife ERB: “I’m very proud that we have won
this award. It is great to see that our focus on innovation and digital
transformation get recognized. For every insurance company the
possibility of fraud is very high, in particular for contracts relating
to the car industry. With the help of FRISS we are able to detect high
risks and fraud in real-time. With this state-of-the art technology we
save time and money for our customers.”

Simon Staadegaard, Sales Manager at FRISS, states: “We are delighted to
see that our efforts to detect fraud and support honest insurance pay
off. The recognition by IMPACT shows that the insurance industry really
values the power of our AI solutions that are combined with our expert
industry knowledge. The project with Eurolife ERB went smoothly. It was
delivered on time and within budget. We look forward to a bright and
fraud free future together.”

About Eurolife ERB

Eurolife ERB Insurance Group is a member of Fairfax Financial Holdings
Ltd., who, through its subsidiaries, operates in insurances, reinsurance
and investments’ management. Eurolife ERB Insurance Group, through its
subsidiaries in Greece and Romania, designs, markets and promotes
advanced products and services that meet the full range of contemporary
insurance needs. Group companies in Greece include Eurolife ERB Life
Insurance SA, Eurolife ERB General Insurance SA and ERB Insurance
Brokers SA. A leading player in the bancassurance market, the Group has
established a broad network of affiliated insurance agents across
Greece. Group companies in Romania include Eurolife ERB Asigurari de
Viata and Eurolife ERB Asigurari Generale. Eurolife ERB Insurance Group
consistently maintains strong earnings levels and capital reserves in
excess of European regulatory requirements, so as to always fulfil its
responsibilities towards its clientele. Understanding its role in the
society, Eurolife ERB Insurance Group is committed to give back to the
communities a part of its profits per year. Through its corporate social
responsibility program, the Group implements actions: (a) for quality of
life and wellness, (b) for the promotion of education and culture, (c)
for entrepreneurship and economy, supporting more choices and optimism
for the future.

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FRISS has a 100% focus on automated fraud and risk detection for P&C
insurance companies worldwide. The AI-powered detection solutions for
underwriting, claims and SIU have already helped 150+ insurers to grow
their business. FRISS detects fraud, mitigates risks and supports
digital transformation. Insurers go live within 6 months, with fixed
price projects, and realize an ROI within 12 months. The FRISS solutions
help to lower the loss ratio, enable profitable portfolio growth, and
improve the customer experience.


Ruud van Gerwen
PR & Product Marketer at FRISS
+31 30 767