Guiding FRISS' entry into the United Kingdom
Successfully launching an MVP in a difficult and mature market
Head of Sales Engineering
2022
Background
FRISS had decided to expand to the UK market back in 2019. Given the maturity of the UK market in fraud detection, FRISS had a difficult time penetrating the market. In early 2022 the FRISS MT asked me to lead an investigation into why we couldn’t find our first customer and how we could enter the market successfully.
Challenge
The UK insurance market was the 3rd biggest in terms of TAM for FRISS (after the US and Germany). Given the mature nature of the fraud space the market was a replacement market. The main incumbent vendor was pulling out of the insurance fraud detection market, which gave FRISS a unique opportunity to break into the tight market.
Solution
During this time, I was responsible for working with the local SME to find the SWOT of the FRISS solution. Out of that SWOT I defined multiple work items that were picked up and worked on with my team of engineers. In late 2022 we’ve successfully built out an MVP to show to prospective clients. During two competitive RfP processes I've led the FRISS team to successfully pitch and demo the newly localized product.
Results
Both tier 1 insurers selected FRISS. As a result FRISS became firmly established in the UK market, leading to a substantial amount of revenue and a strong future pipeline.