Zensar Technologies gained 2.72% to Rs 462.40 after the company partnered with FRISS, the provider of AI-powered end-to-end fraud prevention and detection solutions for P&C insurers worldwide.
The strategic partnership will enable Zensar's clients to access the latest market-ready AI, a multitude of data sources and unparalleled customer service directly through FRISS.Nachiketa Mitra, executive vice president and global head said, "We see accelerated growth in virtual customer engagement models that comes with unique challenges. There is a clear need for fraud detection and risk mitigation during the underwriting process. FRISS brings end-to-end value to insurance carriers' underwriting, claims and SIU processes with the ultimate goal of providing business benefits to their clients, aligning substantially with Zensar's objectives."
Commenting on the announcement, James Dewaker, senior vice president of Zensar said, Our clients are looking for a comprehensive eco-system that can be managed across a digital landscape/framework. FRISS brings key elements of fraud detection and KYC features essential for today's insurer to implement. We are confident that both teams will work well together to deliver on this critical business function.
FRISS is 100% focused on automated fraud and risk detection for P&C insurance companies worldwide. Their AI-powered detection solutions for underwriting, claims, and SIU help 200+ insurers grow their business. FRISS detects fraud, mitigates risks, and supports digital transformation. The solutions complement Zensar Tech's Rapid Digitalization platform, InsureArk.
Zensar Technologies is a leading digital solutions and technology services company that specializes in partnering with global organizations across industries on their digital transformation journey.
On a consolidated basis, the company reported a 37% rise in net profit to Rs 102.6 crore on a 5.5% fall in net sales to Rs 936.8 crore in Q1 FY22 over Q1 FY21.
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