- Fenris Digital, an analytics company that is enabling friction-free applications for financial and insurance products, announced it raised $1.7 million in a seed round of funding
Fenris Digital — an analytics company that is enabling friction-free applications for financial and insurance products — announced it raised $1.7 million in seed funding. The company is planning to use this funding round to meet the growing demand from clients for its API delivered predictive scores and pre-fill data that ease the application process for a company’s best prospects.
“Fenris continues to utilize our core strengths and unique positioning in the insurtech and fintech industries to accelerate growth and meet rising demand. We are delighted our clients are experiencing the benefits of modernized quoting processes, and we want to ensure we are positioned to make a tremendous impact on the billions of applications for insurance and financial products initiated each year,” said Fenris founder and CEO Jennifer Linton.
Based in Richmond, Virginia, Fenris streamlines applications while preserving underwriting integrity and accuracy. And Fenris has been demonstrating its impact on increased conversion rates, decreased acquisition costs, and reduced manual entry for better customer journeys.
Fenris currently maintains its proprietary in-house repository of over 300 million entity records and accompanying data elements from an array of qualified and emerging sources. And by employing machine learning to its repository of millions of policy result records across dozens of personal, commercial, and life insurers, Fenris can generate predictive algorithms MatchScore, TriageScore, LeadScreen, and PFR (Personal Financial Responsibility).
The investors in this round include SixThirty (an international fintech fund), the CIT (Center for Innovation in Technology), Tyson’s Angels Group, and the 757 Angels Group. The strategic investment was led by Larry Rosenberger — who is the past CEO of FICO and their current Research Fellow.
Rosenberger has also been a key industry advisor since the company’s inception and is joining the board.
“With this infusion, we will increase hiring for top sales talent, strategic business development, customer success, engineering, and data analytics, and continue to build out our suite of products to solve industry-wide problems in modernizing and streamlining cumbersome application processes for accurate, easy, and fast results,” added Linton.