Fenris provides real-time data and predictive AI solutions specifically designed for the insurance industry. Their platform enhances quoting accuracy, improves risk assessment capabilities, and enables personalized customer experiences across auto, property, and commercial lines. By delivering fast, high-quality data enrichment and machine learning outputs via API, Fenris helps carriers and agencies streamline workflows and optimize profitable growth.
Funding
$8.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Insurance providers face challenges with inefficient data collection, lengthy application processes, and inaccurate risk assessments, leading to application abandonment, increased underwriting costs, and lost sales opportunities. Traditional methods rely on outdated data sources and require excessive manual input.
Solution
Fenris provides a suite of APIs that deliver real-time data enrichment and predictive insights, streamlining insurance applications across auto, property, commercial, and life sectors. The platform automates data population with applicant details, including property characteristics, ownership history, business data, and risk attributes. By providing instant access to comprehensive customer information and leveraging AI-driven analytics, Fenris enables insurers to pre-qualify prospects, improve risk assessment accuracy, and optimize policy pricing. This results in reduced application abandonment rates, improved conversion rates, and enhanced customer satisfaction.
Target Audience
The primary customers are insurance carriers, brokerages, rate providers, employee benefit platforms, and InsurTech innovators across auto, property, commercial, and life insurance lines.
Features
- Data Prefill: Automatically populates applications with customer and property details, reducing manual entry.
- Predictive AI: Uses machine learning to identify high-value leads and predict purchasing behavior.
- Risk Scoring: Assesses risk factors, including financial health, hazard risks, and compliance history.
- VIN Decoder: Extracts vehicle specifications from a VIN to improve underwriting and claims processing for auto insurance.
- Business Data Enrichment: Provides real-time insights with NAICS/SIC codes and estimated revenue for commercial insurance.
- Property Valuation Modeling: Estimates replacement costs and market values for better policy pricing in property insurance.
- Driver License Lookup: Verifies license details in real-time to prevent fraud and improve underwriting accuracy for auto insurance.
- Contactability Insights: Predicts the likelihood of reaching leads to ensure efficient resource allocation.