Fenris, which helps streamlines and modernises the process of quoting insurance products, has received an investment from the Center for Innovative Technology (CIT).
Over the past year, the company has expanded their sales operations and enhanced its data delivery and analytics platform. With the fresh round of capital, the company will look to deepen its product suite to meet demand from clients.
Fenris offers a suite of APIs to streamline the process of generating insurance quotes. The company recently released the LicenseSnap tool which can be embedded into a company’s existing online form to remove the risk of poor data entry or mid-application abandonment.
The InsurTech claims to hold one of the largest insurance data repositories in the industry, including more than 400 million records on adults, households and small businesses.
Its technology also offers a suite of predictive scores that inform financial service providers on how to engage potential customers based on propensity to buy, lifetime value and risk of churn, cross-sell potential and financial responsibility.
Fenris CEO and founder Jennifer Linton said, “Now more than ever, financial services providers and insurers need to remove the barriers of entry for consumers who want to do business with them. Consumers need a simple and fast way to engage with what we call an “all swipe, no type” experience.
“With millions of applications scored, Fenris has demonstrated its impact on increased conversion rates, decreased cost of acquisition, and reduced manual entry for a better customer journey at point of quote. We greatly appreciate CIT’s continued support of insurtech funding in the form of this follow-on investment and access to their network of resources.”
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