Insurance plays the long game. This is an industry that plans for the hundred year storm, an event that statistically has a 1% chance of occurring in any given year. If the model is right, 99% of the time that event doesn’t happen, but when it does, they are ready for the claims. This means they have to gather a lot of information up front to support the model.
The pressing demand for ease in quoting is eclipsing the industry’s ability to respond. Current processes and infrastructure are not enough. Millions of leads are generated every month, sold and resold, and only a small percentage even complete a quote to the point where they see a price and can make a purchase decision.
To reduce the friction inherent in getting a quote, Fenris makes it possible to produce a bindable quote with as little information as a name and address from the applicant. We are known for our 50 to 5 platform. Our data, tech, and scores deliver “more swipe, less type”which fits the lifestyle and needs of today’s shoppers. Our carrier and agency clients are really liking how easy it is to implement their subscription and they see immediate improvement in existing processes.
But insurance does and always will reward the long game. And that’s why Fenris is also on the forefront of identifying risk signals and predictive elements earlier than ever before in insurance. One size does not fit all, and there is beauty in knowing upfront how a person will qualify and respond to the application without asking them first to fill out 50 fields, and that’s just the start of what we are bringing to the modern quote flow.
How does Fenris serve up meaningful change with our incumbent carriers and agencies? We believe it starts at the top, by aligning the organization’s core goals of taking care of consumers in their time of need with the additional needs of design thinking, regulatory compliance, and simplicity. Leveraging insurtechs can support the culture shift needed, superseding the individual department goals of cost of acquisition, quote to bind rates, claims and fraud handling, and unifying under a long term strategy of life time value and understanding risk earlier than ever before, at the point of quote.
CEO & Founder Fenris
October 1, 2018
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