RICHMOND, Va., July 31, 2019 /PRNewswire/ -- Fenris Digital, a software and analytics company focused on streamlining insurance applications, announced today that SixThirty, a global fintech fund, has invested. Fenris has also been selected to take part in the SixThirty Fall 2019 Program and will work alongside SixThirty's Financial Institution corporate partners to further evolve the business beyond its core offering in insurance. Fenris' APIs have scored and provided instant insight on millions of applications for personal, commercial, and life insurance.
"When our Clients leverage Fenris' scores, the entire application process can be streamlined for best results. With just the name and address of the applicant, Fenris' API will match, enrich, score, and deliver results in seconds. Agents and insurance companies can prioritize and chase new business profitably," said Jennifer Linton, CEO and Founder, Fenris. "Our friction-free application platform is now ready to be applied to financial services, where consumers report their high abandonment rates are due to long-form questionnaires, confusing questions, and too much personal information required. Now, with a wonderful investor and strategic partner like SixThirty, we will expand our capabilities to deliver streamlined financial services application processing."
"Jen and the Fenris team have dedicated themselves to collaborating with leading insurance incumbents and removing friction in a consumer's experience," said Atul Kamra, MP at SixThirty. "Their focus on 'the last mile' is well-timed with consumer expectations, and their machine learning capabilities are imminently scalable. We are excited to partner with them as they deploy more broadly across FS."
Fenris instantly matches an applicant to one of its nearly 300 million in-house entity records, enriches with purpose-built data elements from public, private, and proprietary sources, and returns scores in real-time. The result is their Clients can offer a quick, easy, and accurate application process. By utilizing the proprietary and unique data sources it has in conjunction with machine learning algorithms and technology, Fenris seeks to recreate its achievements in the insurance industry and provide value to Clients in an adjacent market.
Fenris was born in 2016 out of a recognition that the insurance industry needed to streamline the digital quoting process while preserving underwriting integrity and accuracy. 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. By leveraging external data in a way purpose-built for personal lines, commercial lines, and life insurance, Fenris has led the industry with its scores for propensity to buy, lifetime value, cross-sell potential, and financial responsibility. For more information, please visit https://fenrisd.com/.
SixThirty is an international financial technology (FinTech) fund that makes strategic investments in late-seed stage startups that show dynamic growth and future growth potential. With financial firms like Edward Jones, Mastercard, Stifel, US Bank, Wells Fargo Advisors, and other institutions just miles from the SixThirty headquarters, the fund is uniquely suited to provide both capital and strategic benefit to investments. SixThirty, post-investment, continues to target benefitting portfolio companies regarding business development and customer acquisition. For more information, please visit https://sixthirty.co/.
SOURCE Fenris Digital