Fenris, a US-based insurtech company, has secured investment from the Center for Innovative Technology (CIT) through its CIT GAP Funds and also from the Virginia Founders Fund to enhance its insurance quote process for applicants and insurers.
Established in 2016, Fenris is focused on optimizing insurance application processing by removing steps for users and increasing speed of outputs for insurers.
The insurtech intends to use the new capital from CIT GAP Funds to grow its sales, develop its client acquisition and onboarding processes, and also to bring on board more technical resources.
CIT GAP Funds managing directo4 and MACH37 chief investment officer Thomas Weithman said: “The typical insurance application is cumbersome and time-consuming, resulting in high cost of acquisition. Fenris’ software is already proving to be extremely efficient at addressing this issue, with clients expanding the number of products they use within weeks of launching their use of the first product.”
The insurtech is said to have identified various unique data sets, claimed to have been never applied before in an insurance application scoring context. Fenris is looking to gain emerging data sources for its exclusive and perpetual application in the insurance sector.
As per Fenris’ research, more than three billion insurance applications are initiated but nearly 40% are abandoned each year, while close to 20% have material errors.
The insurtech engages itself in streamlining the experience at the point of quote so that the application is quickly and easily completed for consumers, companies get to spend more time on leads, and for reducing the cost of acquisition.
Fenris’ analytics engine has been designed to add instantly scores and input policyholder information with additional data points to enable the consumer enter less information to quickly get a quote. For the insurer, the process is said to help in customized marketing to a specific user and eventually leading to customer acquisition at lowered costs.
Fenris CEO and founder Jennifer Linton said: “The point of quote is the first step in a customer’s interaction with an insurance company. Their experience at the beginning of this process will affect their decision to continue on as a customer, impacting performance down the line.
“If a consumer only has to spend 30 seconds taking a photo of their license, instead of 15 minutes filling out the same information in a form, they are more likely to buy; and the information is more likely to be accurate for the underwriters. We enable this kind of friction-free application process, and thanks to the support of CIT GAP Funds, Fenris will be able to expand our offering to serve more customers.”