VIPC’s Virginia Venture Partners Invests in Fenris Digital Customer-Centric Support of Insurance and Finance Industries
Next-generation predictive scoring and data products from Fenris are positively impacting the insurance industry
“Fenris’ mission is to improve the customer and agent experience by injecting actionable insight and data.”— Jennifer Linton, CEO and Founder, Fenris
RICHMOND, VIRGINIA, UNITED STATES, January 5, 2023/ EINPresswire.com / -- Virginia Venture Partners, the equity investment program of Virginia Innovation Partnership Corporation ( VIPC ), today announced an investment in Fenris. Richmond Va.-based Fenris is a software and data company that provides next generation predictive scoring and data products to the insurance industry for full lifecycle improvement. Since Virginia Venture Partners’ previous investment, Fenris has expanded its client base to include dozens of insurance clients, enabling millions of quotes for insurance with its prefill for auto, home, life, and small business insurance. In addition, new insight products leveraging its machine learning platform have scored millions of leads and recommended next best action both pre- and post-sale for optimal outcomes.
The insurance industry is known for heavy reliance on data for underwriting and claim, but as yet laggard in transformative customer experience. Many insurance carriers and agencies spend billions to attract and retain customers, but lack actionable, real-time insight early in the funnel for modern customer acquisition. Fenris provides an API solution for instant insight and data on every applicant and policyholder, supporting greater personalization, prioritization, and optimization, which drives higher completion, conversion, and lifetime value.
“Fenris’ mission is to improve the customer and agent experience by injecting actionable insight and data. We have made it our goal from the very beginning to be an industry leader in bringing external data and insight that fuels sustainable, customer-centric growth in insurance and financial services,” said Jennifer Linton, CEO and Founder, Fenris. “Since VIPC’s initial investment, we have been able to expand and further refine our offerings. We are extremely grateful for the ongoing support of VIPC’s Virginia Venture Partners to help foster this continued growth.”
Fenris created one of the largest insurance data repositories in the industry. By using machine learning to create a predictive scoring technology, Fenris identifies the best applicants and personalizes their customer engagement. The platform provides instant prefilled payloads for auto, home, life and small business by leveraging proprietary data on 255 million adults, 130 million households, 30 million small businesses and 99% of all properties. This prefilled data API has improved completion rates by a factor of 4x. Insurers and managing general agents (MGAs) subscribe to the platform to streamline better decision making, grow revenue and provide a best-in-class consumer experience at point of quote or renewal.
“The Fenris team is passionate about improving the insurance quote process for both insurers and applicants,” said Jennifer O’Daniel, Senior Investment Director, VIPC’s Virginia Venture Partners. “The company has continued to demonstrate impressive growth and innovation since our team’s initial investment. The Virginia Venture Partners team at VIPC looks forward to being part of Fenris’ continued impact.”
Fenris is an insurance data sourcing innovator delivering a suite of API-delivered, SOC 2-compliant products which leverage well-established, proprietary data repositories for Predictive Scoring, Data Enrichment and Pre-fill, and Life Event Monitoring & Alerts (LEMA), to enable modern customer acquisition workflows across auto, home, life, and small commercial lines. For more information, please visit www.fenrisd.com.
About Virginia Venture Partners
Virginia Venture Partners, is the equity investment program of VIPC that makes seed-stage equity investments in Virginia-based technology, clean energy, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, Virginia Venture Partners has deployed $41.8 million in capital across more than 275 portfolio companies, including 17 companies in designated Opportunity Zones. Virginia Venture Partners’ investment decisions are guided by the Virginia Venture Partners Investment Advisory Board (IAB). This independent, third-party panel has drawn from the expertise of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.virginiaipc.org/vvp.
About Virginia Innovation Partnership Corporation (VIPC)
VIPC: Connecting innovators with opportunities As the nonprofit operations arm of the Virginia Innovation Partnership Authority (VIPA), VIPC is the commercialization and seed stage economic development driver in the Commonwealth that leads funding, infrastructure, and policy initiatives to support Virginia’s innovators, entrepreneurs, startups, and market development strategies. VIPC collaborates with local, regional, state, and federal partners to support the expansion and diversification of Virginia’s economy.
Programs include: Virginia Venture Partners (VVP) | VVP Fund of Funds (SSBCI) | Virginia Founders Fund (VFF) |Commonwealth Commercialization Fund (CCF) | Petersburg Founders Fund (PFF) | Smart Communities | The Virginia Smart Community Testbed | The Virginia Unmanned Systems Center | Virginia Advanced Air Mobility Alliance (VAAMA) | The Public Safety Innovation Center |Entrepreneurial Ecosystems | Regional Innovation Fund (RIF) | Federal Funding Assistance Program (FFAP) for SBIR & STTR | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.VirginiaIPC.org. Follow VIPC on Facebook, Twitter, and LinkedIn.
Angela Costello, Vice President of Communications
Virginia Innovation Partnership Corporation (VIPC)
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