The Fenris suite of APIs now includes scoring and prefill solutions for auto, home, and life insurance which serve to identify which leads will become the best customers and ease the way with improved completion and conversion rates, reduced burden of manual entry, and modern customer journeys
“By extending into the life insurance category, we leverage our current data and insights platform to help clients improve customer experience in the application process in new categories beyond P&C insurance,” said Jennifer Linton, CEO at Fenris. “Because we enable clients to initiate their quoting processes in a game changing way, using just two questions or one click, our services modernize traditional channel activities and enable entirely transformational approaches such as embedded insurance within alternative purchase pathways.”
The Life Insurance Marketing and Research Association (LIMRA) estimates that $340 Billion in new life insurance coverage is needed every year. Covid-19 has impacted life insurance demand, and in recent LIMRA surveys, nearly half of companies reported growth in policy sales, and intent to purchase is at an all-time high with 36% of Americans saying they intend to purchase life insurance in the next 12 months (LIMRA). Consumers are showing increased interest due to the pandemic and companies cited a need to sell products without traditional face-to-face meetings.
The latest Fenris product extension stemmed from listening to the pain points of current clients and industry partners engaged during Fenris’ selection into accelerator programs including SixThirty Fintech VC, PlugandPlay, MassChallenge Fintech, and InsurtechNY. The newly launched Life Insurance Prefill API leverages Fenris’ in-house proprietary data repository, which includes over 255 million adults and 130 million households, delivering applicant information that is injected into quoting workflows for immediate impact, and machine learning and analytics to guide advisors in selecting the right products to address the applicant’s need.
Source: Company Press Release