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Insurance technology companies · Netherlands

FRISS

friss.com ↗

Dutch software that helps insurers spot fraudulent claims using AI risk scoring.

Losing its protection
Assessed 23 July 2026 · Evidence as of 23 July 2026
The structural protection is eroding.
On the recordSince 23 July 2026 · Checkable from watch through 2026 · Every call on the record Checkpoint: Verisk decides whether to launch its own competing fraud-analytics product using ClaimSearch data
The call

FRISS holds real ground inside insurer workflows but sits between a faster-moving rival in Shift Technology and a data supplier in Verisk that could turn competitor overnight.

FRISS is a software company that helps insurance companies spot fraud claims by looking for suspicious patterns. It has real staying power with big customers like Munich Re because its software is baked into their claims systems, but that advantage is eroding fast. A competitor called Shift Technology is already winning big U.S. insurance customers with newer technology, and Verisk, the company that sells FRISS the fraud data it relies on, could turn around and sell fraud detection directly to insurers itself, cutting FRISS out of the deal. The one thing that could save FRISS is if it quickly ships new AI technology that can interview claimants like a human investigator would, something it has not yet done while others are moving ahead.

Why
01
AI pressure: Shift Technology. Shift already scores fraud for 4 of the top 5 US P&C insurers and keeps adding conversational-AI layers FRISS has not shipped yet. Could AI do the core job? Only partly.
02
Bigger players: Verisk Analytics. FRISS licenses fraud data from Verisk's ClaimSearch, the same company that could bundle its own fraud scoring and cut FRISS out. Could a giant copy it? Probably.
03
What protects it. FRISS is wired into claims workflows at Guidewire, Duck Creek and Sapiens, plus insurers like INTERAMERICAN since 2014, so ripping it out is costly.
What would change this call
FRISS announces a new funding round or discloses ARR/growth figures. Would clarify whether growth has stalled since its 2021 Series B.
Verisk launches its own fraud-scoring product using ClaimSearch data. Would show Verisk turning from data supplier into a direct competitor.
Shift Technology announces new European top-20 carrier wins. Would show FRISS losing share on its home European turf.
Key numbers
  • Last raised $65M Series B in July 2021 (2021-07-28)
  • Serves 300+ insurers in 45+ countries (vendor claim) (2025-2026)
  • Revenue estimates range $7.3M to $36.8M ARR (2024-12-22)
Named risks
  • Verisk could disintermediate FRISS by bundling fraud-scoring into its own ClaimSearch offering. Severity: high
  • Shift Technology's US-dominant Insurance Data Network could expand pressure into FRISS's European base. Severity: medium
  • No confirmed funding round since the 2021 Series B raises questions about recent growth trajectory. Severity: medium
  • Core ML pattern-scoring is becoming table stakes as conversational-AI fraud interview tools emerge. Severity: medium
  • Conflicting revenue and headcount estimates across data aggregators indicate limited independent visibility into scale. Severity: low
Rivals, as read in July 2026
RivalDirectionEvidence
Shift Technologygaining onClaims 4 of top 5 US P&C insurers on its Insurance Data Network, per Shift brief dated 2026-02-16
Verisk AnalyticscontestingOwns ClaimSearch data FRISS licenses; ~$4.1B 2024 revenue gives it capacity to bundle competing fraud scoring
Perspective AIgaining onPositions conversational-AI fraud interviewing as successor to pattern-scoring tools like FRISS, per 2026-04-30 blog
SAS, LexisNexis, IBM, FICOcontestingEstablished fraud-analytics vendors competing in adjacent insurance risk segments per market reports
Questions people ask
Is FRISS profitable in 2026?
FRISS discloses no audited financials as a private company. Its last confirmed funding was a $65M Series B led by Accel-KKR on July 28, 2021, and no new round has been publicly confirmed since, leaving profitability unconfirmed by any primary source.
Who owns FRISS?
FRISS is privately held, backed by Accel-KKR (Series B lead, July 2021, $65M) and earlier investor Aquiline Capital via a €15M Series A closed December 2017. Co-founder Jeroen Morrenhof remained CEO as of December 2024.
Could AI replace FRISS?
Generic AI is commoditizing FRISS's core pattern-scoring fraud detection; a April 30, 2026 market analysis called structured ML from FRISS, Shift, and SAS 'necessary but no longer sufficient' versus newer conversational-AI interview layers FRISS has not yet shipped.
Who is FRISS's biggest competitor?
Shift Technology, whose Insurance Data Network reportedly covers 4 of the top 5 US P&C insurers as of a February 16, 2026 Shift executive brief, giving it stronger US market penetration than FRISS.
Is Verisk a threat to FRISS?
Yes. FRISS licenses its fraud data from Verisk's ClaimSearch database (1.7B+ claims, per FRISS's July 15, 2024 blog), but Verisk generated roughly $4.1B in 2024 revenue and could bundle competing fraud-scoring into its own core offering.
Does FRISS use generative AI in its own product?
Yes. FRISS integrated Microsoft Azure OpenAI Service starting in 2023-2024 to generate natural-language explanations of its fraud model outputs, and was named Microsoft Netherlands ISV Partner of the Year 2025 for this AI-powered Trust Automation work.
Timeline
  • 2025-11FRISS named Microsoft Netherlands ISV Partner of the Year for AI-powered Trust Automation on Azure
  • 2025-07FRISS and Verisk Claims UK launch FRISS Media Check for digital media fraud detection
  • 2025FRISS and INTERAMERICAN win Digital Finance Award Gold for AI-driven claims and underwriting
  • 2024-07-15FRISS publicizes deepened Verisk ClaimSearch data integration (1.7B+ claims)
  • 2023-2024FRISS integrates Microsoft Azure OpenAI Service for fraud model explanations, plans LLM expansion
  • 2022-03-07FRISS acquires Polonious Systems, absorbing about 40 SIU case-management customers
  • 2021-07-28FRISS raises $65M Series B led by Accel-KKR
  • 2017-12FRISS closes €15M Series A led by Aquiline Technology Growth and Blackfin Capital
  • 2014FRISS begins partnership with insurer INTERAMERICAN
  • 2006FRISS founded by Jeroen Morrenhof and Christian van Leeuwen
Revision history
23 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
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