Exploring Financial Services Operations Integration with FRISS

  • Release version: Xanadu
  • Updated August 1, 2024
  • 2 minutes to read
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    Summary of Exploring Financial Services Operations Integration with FRISS

    The Financial Services Operations Integration with FRISS allows insurance companies to embed the FRISS API for Claims within their workflows. This integration helps detect and prevent fraud, enhancing underwriting and claims processes by providing real-time fraud scoring and portfolio monitoring. It supports improved profitability, customer satisfaction, and operational efficiency by automating fraud detection and risk assessment.

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    Key Features

    • Integration with FRISS API for Claims to store fraud scores directly in claim data objects.
    • Real-time fraud detection during different stages of claims management.
    • User interface support for portfolio monitoring to track fraud-related insights.
    • Multi-layer workflow architecture:
      • Workflow Layer: Hosts Commercial and Personal Lines Claims applications for fraud score triggering and storage.
      • Adapter/Integration Layer: Executes FRISS spoke actions and manages fraud score storage via subflows.
      • Spoke Layer: Contains FRISS spoke actions using REST APIs to communicate with FRISS services.

    Benefits for ServiceNow Customers

    By integrating FRISS with Financial Services Operations, insurance companies can automate the detection of fraudulent activities such as false claims reporting, staged accidents, and claim inflation. This automation reduces manual investigative work, minimizes human error, and accelerates claims processing. Real-time, data-driven fraud scoring helps reduce false positives, increase avoidance of fraudulent claims, and expedite legitimate claims processing, particularly in Auto, Property, and General Liability lines.

    With Financial Services Operations Integration with FRISS, your insurance company can embed the FRISS API for Claims in workflows, detect and prevent fraud, and improve your underwriting and claims processes.

    FRISS overview

    By using FRISS, you can detect fraud, assess your risks, and perform compliance management. You can also improve your profitability, customer satisfaction, and operational efficiency.

    You can use the Financial Services Operations Integration with FRISS application to do the following tasks:
    • Integrate with the FRISS API for Claims to save the scores returned by FRISS into the relevant claim data object.
    • Detect fraud as you manage your claims cases.
    • Get real-time scores of your claims data at different stages of the claims process.
    • Use the user interface for portfolio monitoring.

    FRISS workflow

    The following diagram is a workflow of the FRISS integration. The diagram shows the role that each layer plays in the Financial Services Operations application.

    Figure 1. Workflow of Financial Services Operations integration with FRISS

    Diagram of a high-level overview of the design of the FRISS integration and the role each layer plays in Financial Services Operations applications. For more details, refer to the following table.
    Table 1. Layers in FRISS integration workflow
    Layer Description
    Workflow Layer Layer that contains the Commercial Lines Claims and Personal Lines Claims applications for triggering and storing fraud scores.
    Adapter/Integration Layer Layer that contains the Financial Services Operations Integration with FRISS subflow to execute the FRISS spoke actions and to provide a fraud score. Additional tables are added to this service to store the fraud score.
    Spoke Layer Layer that contains the FRISS spoke actions that use REST APIs to interact with FRISS. For more information on the FRISS spoke actions, seeFRISS Spoke.

    Financial Services Operations Integration with FRISS benefits

    FRISS can help you solve the fraudulent activity that occurs in the insurance industry, such as false reporting of claims, staged accidents, and inflation of claims. Currently, investigations into these activities are often carried out manually, which results in a slow and inefficient claims process. This inefficient process increases the risk of human error and allows fraudulent activity to go undetected.

    FRISS provides real-time, data-driven scores and insights that can help you to assess the inherent risks of your customers and interactions quickly. Because your services are primarily focused on Auto, Property, and General Liability claims, by using FRISS, you can build automated fraud detection into your claims processes. By scoring the claims in real time, Financial Services Operations Integration with FRISS helps your company to reduce the number of false positives, increase the number of avoided claims, and process the genuine claims immediately.