New Service Streamlines the Quoting Process for
Small- and Micro-Business Commercial Insurance Applications
RICHMOND, Va. – June 24, 2021 – Fenris Digital, a data and analytics company focused on streamlining and modernizing the process of quoting insurance products for insurance agents, brokers, and carriers, today announced the launch of its latest data service, Small Business Insurance Prefill API. This is Fenris’s tenth data and insight product launched in the past year-and-a-half, which fueled 400 percent growth over 2020. The latest service makes it easier for small business owners and agents to get a quote — directly from digital-first carriers or via insurance aggregators — by providing up to 40 of the data points required by most commercial insurance application questionnaires, including NAICS code.
“With the recent explosion of micro-businesses and the gig economy, it’s critical to remove the barriers to entry for owners who need commercial or professional coverage for their small businesses,” said Jennifer Linton, CEO, Fenris. “Incomplete applications delay the quoting and underwriting processes. Fenris has demonstrated that its small business API increases completion rates while reducing manual entry. Moreover, Fenris’s multi-validated, multi-sourced data can reduce underwriting research time and help companies better evaluate risk.”
The newly launched small business API provides more data points drawn from more sources than earlier small business services from Fenris and is integrated into the company’s AI-driven data platform. It leverages Fenris’s proprietary data repository, which includes over 35 million small businesses, all properties in the U.S., and over 255 million adults. Fenris clients can also get API-delivered data on business owners, which is often required by underwriters to evaluate micro-business risks.
The Fenris data platform, machine learning algorithms, and extensive data sourcing enable companies to take advantage of big data and analytics capabilities without investing in internal resources, Linton notes. “Our services help level the playing field for midsized insurers, brokers, and agents while providing broader access for the entrepreneurs who fuel growth in our economy.”
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 for auto, home, life and small business offer friction-free quoting workflows, and LEMA (Life Event Monitoring and Alerts) identifies key retention and upsell moments on every policyholder.