ForMotiv
ForMotiv provides a behavioral analytics platform that captures and analyzes real-time digital interactions of insurance applicants to assess their purchase intent and risk levels. By leveraging extensive behavioral data, the platform enables insurance carriers to enhance conversion rates and reduce fraud through actionable insights derived from user behavior.
- Artificial Intelligence
- Data & Analytics
- Enterprise Software
- Insurance Technology
- Software Only
Funding
Raised to date
$11.6MRaised 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.
$9M across 3 disclosed rounds
$2M · Undisclosed
Announced Jan 2023 · from article date
Disclosed cumulative: $9M
Reported total $11.6M
Incomplete round history. $2.6M of the $11.6M reported total isn’t matched to a known round (1 known round has an undisclosed amount).
Founders
Product
Problem
Insurance carriers face challenges in accurately assessing applicant risk and purchase intent during the digital application process. Traditional methods often lack real-time insights into applicant behavior, leading to increased fraud, higher costs, and missed opportunities to optimize conversion rates.
Solution
ForMotiv provides a behavioral analytics platform designed specifically for the insurance industry, capturing and analyzing real-time digital interactions of applicants to provide actionable insights into their purchase intent and risk levels. The platform leverages behavioral data science to translate digital body language into intuitive intent scores, giving carriers unprecedented insight into applicants. By monitoring hundreds of unique digital behavioral cues, comprised of thousands of behavioral micro-expressions, ForMotiv enables carriers to make data-driven decisions, enhance digital experiences, increase conversion and placement rates, while reducing leakage, nondisclosure, misrepresentation, risk, and fraud. The platform's value grows exponentially as its customer base expands, strengthening its solutions and increasing ROI.
Target Audience
ForMotiv's primary customers are insurance carriers across various lines of business, including life, health, home, auto, and commercial insurance, seeking to improve their digital application processes.
Features
- Real-time capture of hundreds of unique digital behavioral cues during form completion
- Behavioral data science analysis to translate digital body language into actionable intent scores
- Predictive models for assessing purchase intent and risk levels
- Integration with existing insurance application workflows
- Customizable dashboards for visualizing behavioral insights
- Lead scoring and prioritization models to increase revenue
- Identification of application nondisclosure to save costs
- Reduction of manual reviews through automation