Fenris, which provides insurers with predictive scoring and data products, has received an undisclosed investment from Virginia Venture Partners.
Based in Virginia, Fenris is a software and data company that offers next generation predictive scoring and data products to the insurance industry for full lifecycle improvement.
It claims that many insurance carriers and agencies are spending billions to attract and retain customers, but lack actionable, real-time insight for customer acquisition. Fenris is designed to solve this.
It achieves this through its API solution for instant insight and data on every applicant and policyholder, which enables greater personalisation, prioritisation and optimisation, it claims.
The InsurTech company claims to have established one of the largest insurance data repositories in the industry, boasting data on 255 million adults, 130 million households, 30 million small businesses and 99% of all properties. With this, it offers prefilled payloads for auto, home, life and small business.
Fenris claims this API has improved completion rates by a factor of four-times.
It is unclear when Virginia Venture Partners’ first invested into Fenris. However, since the previous investment, Fenris claims to have expanded its client base to include dozens of insurance clients. With this it claims to be enabling millions of quotes for insurance through its prefill service.
The company also released new insight products that leverage machine learning.
Fenris CEO and founder Jennifer Linton said, “Fenris’ mission is to improve the customer and agent experience by injecting actionable insight and data. We have made it our goal from the very beginning to be an industry leader in bringing external data and insight that fuels sustainable, customer-centric growth in insurance and financial services.
“Since VIPC’s initial investment, we have been able to expand and further refine our offerings. We are extremely grateful for the ongoing support of VIPC’s Virginia Venture Partners to help foster this continued growth.”
The InsurTech’s most recent funding round was a $2.7m funding round back in April 2021. The capital injection was led by IDEA Fund Partners.
Last year, Fenris partnered with b atomic, which saw it integrate its API with b atomic’s cloud-based terminal of technology resources.
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