RICHMOND, Va., April 7, 2021 /PRNewswire/ -- Insurance technology company Fenris raised $2.7 million in new funding. Fenris, a data and analytics company focused on streamlining and modernizing the process of quoting insurance products, will use this funding to meet the growing demand from clients for its API-delivered insights and data, with a strong focus on expanding its sales and marketing resources.
The investment is led by IDEA Fund Partners, one of the most active early stage investment firms in the Southeast. Prior investors Six-Thirty VC, CIT GAP Funds, and Rezon8 Capital were involved, along with new investors BrokerTech Ventures and Alerion Ventures.
"Now more than ever, financial institutions and insurers need to remove the barriers of entry for consumers to do business with them. Fenris is serving agencies, brokerages, carriers, and financial services providers of auto, home, life and small business commercial insurance with our APIs," said Jennifer Linton, CEO, Fenris. "Fenris has demonstrated its impact on increasing conversion rates and reducing manual entry for what has historically been a large frustration point driving up costs of acquisition. We thank each of our investors, whose support is helping us help our clients reinvent the customer journey from lead to quote to renewal."
"Fenris has all of the key attributes we look for in terms of market, team, technology, and momentum," said John Cambrier, Managing Partner, IDEA Fund Partners. "While existing players like LexisNexis, Verisk, and Experian do a strong business in insurance data, Fenris is more flexible, easier to implement, and has proprietary scoring algorithms to serve use cases more broadly than the incumbents. We're excited to be partnering with such an experienced and dynamic team with a product line that is delivering clear value to hungry customers."
As an industry leader in data sourcing technology, Fenris leverages alternative data and machine learning to enable instant insight and enrichment on every applicant and policyholder. Fenris' suite of API-delivered solutions is focused on Applicant Scoring for propensity to buy and LTV, Data Enrichment and Pre-fill for friction-free quoting workflows, and Life Event Monitoring to identify key retention and upsell moments. Our well-established data repositories include 255+ million people, 130+ million households, 30+ million small businesses, and complete coverage of all properties in the U.S.
SOURCE Fenris Digital