The Web-IQ Online Risk analysis verifies in 75% of the screenings that no relevant risk information can be found, which increases the efficiency of customer acceptance process significantly.

Customer
Beequip MKB Equipment Lease (Via FRISS platform)

Challenge
Manual estimation of risk is very time consuming

Solution
Risk Assessment at Underwriting for commercial customers

Results
• STP Acceptance in 25% of the cases
• More efficient and structured KYC process
• Compliancy guaranteed automatically
• Use of Web-IQ accelerates online investigation

Customer

Beequip finances heavy equipment (used and new) for the construction, infra, agri and logistics sector. SMEs are the engine of the Dutch economy. Beequip allows Dutch companies to grow through the use of leasing solutions for various classes of equipment, such as excavators, cranes and barges. Beequip has provided € 1 billion in leases in the last 5 years.

Challenge

Beequip has seen a surge of equipment lease applications. While this is great for business, it’s not necessarily great for their customers. Each lease application requires manual checks – a timely process resulting in delays, and ultimately a scale-up challenge for the company. On average, it took Beequip 35 minutes to assess each lease application. This was too long, and it was quickly recognized that this formed a bottleneck for further growth. The speed of client acceptance needed to be increased reliably.

Solutions

Various solutions for a more efficient acceptance process were explored, including a homegrown solution to process all requests from start to finish. Finding the talent to double the size of the development turned out to be untenable in the short term. Beequip needed a strong partner, and FRISS proved to be the only one in the market suitable for Beequip’s requirements.

Devising an automated process to vet customers was the next step. Beequip had a number of specific requirements, such as integrating its own model with client acceptance checks. This model embraced both the legally required checks as well as its own risk assessment indicators. These requirements had to be included in the FRISS solution. A scorecard could then be constructed on the basis of mutual knowledge and experience. The flexibility of the FRISS solution made this possible.

FRISS assisted Beequip in assessing the risk involved in lease applications in a fast and structured manner, by automatically identifying the client profile. At the same time, a check of the ultimate beneficial owners and a screening of sanction and PEP lists ensures applications meet the requirements of the Money Laundering and Terrorist Financing Prevention Act. The client portfolio is constantly monitored for compliance. FRISS is now integrated seamlessly with Beequip’s back office system.

Web-IQ integration

In addition to the standard FRISS offering, Beequip utilizes a standard plug in to Web-IQ. This automatically loads mandatory Google checks into the screening. Previously, unfiltered Google data was retrieved and examined manually. Web-IQ now filters the results for negative reports, allowing Beequip to focus more on the search results.

In certain cases, Web-IQ can also put filters on signals that appear negative but that are not by definition unacceptable. In particular, Web-IQ produces the relevant results in a reliable manner.

If Web-IQ does not give any results, then Beequip does not need to check further. Only a quarter of the applications are singled out based on negative reports and have to be examined, making our process much more efficient
Jelle Hordijk, Customer Officer at BEEQUIP

Results

Thanks to the automatic compliance check, it is immediately clear whether Beequip can accept a new client. This reduces the time spent on investigations into applications that it cannot accept. Within 6 months of implementing FRISS, 25% of applications are accepted without the intervention of an employee.

Because feedback is provided when things go wrong, employees are given actionable insights to kick start their research. In addition, linked external data sources can be immediately included in application screenings.

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About FRISS

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 helps 175+ insurers grow their business. FRISS detects fraud, mitigates risks and supports digital transformation.

Insurers go live within 4 months, realize up to 10 times ROI and 80% increase in straight through processing of policy application and claims. FRISS solutions help lower loss ratios, enable profitable portfolio growth, and improve the customer experience.

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