RICHMOND, Va., Oct. 7, 2020 /PRNewswire/ — Fenris Digital, an enabler of friction-free quoting processes for financial and insurance products, announced the launch of their latest API, Life Insurance Prefill, which helps their clients streamline and personalize the application process online or with agents. The Fenris suite of APIs now includes scoring and prefill solutions for auto, home, and life insurance which serve to identify which leads will become the best customers and ease the way with improved completion and conversion rates, reduced burden of manual entry, and modern customer journeys. 

Fenris Digital logo (PRNewsfoto/Fenris Digital)
Fenris Digital logo (PRNewsfoto/Fenris Digital)

“By extending into the life insurance category, we leverage our current data and insights platform to help clients improve customer experience in the application process in new categories beyond P&C insurance,” said Jennifer Linton, CEO at Fenris. “Because we enable clients to initiate their quoting processes in a game changing way, using just two questions or one click, our services modernize traditional channel activities and enable entirely transformational approaches such as embedded insurance within alternative purchase pathways.”

The Life Insurance Marketing and Research Association (LIMRA) estimates that $340 Billion in new life insurance coverage is needed every year. Covid-19 has impacted life insurance demand, and in recent LIMRA surveys, nearly half of companies reported growth in policy sales, and intent to purchase is at an all-time high with 36% of Americans saying they intend to purchase life insurance in the next 12 months (LIMRA). Consumers are showing increased interest due to the pandemic and companies cited a need to sell products without traditional face-to-face meetings.

The latest Fenris product extension stemmed from listening to the pain points of current clients and industry partners engaged during Fenris’ selection into accelerator programs including SixThirty Fintech VC, PlugandPlay, MassChallenge Fintech, and InsurtechNY. The newly launched

This morning, Noyo, a startup that provides APIs that link players in the health insurance space, announced that it has closed a $12.5 million Series A round of funding. 

The new capital comes less than a year after the startup disclosed that it had raised around $4 million in pre-seed and seed capital, and that its product was already in the market.

At the time it was clear that Noyo had a laser focus on its part of the healthcare world. Now, nearly a year later, the company confirmed to TechCrunch during conversations surrounding its new capital raise that it’s keeping its focus for now.

Linking the carriers and platforms of other insurance verticals, or varietals, will have to wait.

But Noyo is working in an enormous market, namely the U.S. health insurance universe, one that could provide it with space to grow for years to come. The startup sells the use of its application programming interfaces, or APIs, which in Noyo’s case allow customers to “execute, track, and confirm the fulfillment of member transaction requests to carriers,” citing the startup’s documentation

The company’s product was born out of frustration that Noyo co-founders Shannon Goggin and Dennis Lee dealt with while working for Zenefits, an HR tech unicorn that ran into problems with regulators and customers alike. For more on that story, our prior reporting is useful. (Notably, AgentSync is another API startup play under construction by Zenefits alums.)

The American healthcare market is enormous, lucrative and fraught with inefficiencies and antiquated technology. And the insurance portion of the healthcare market is similarly titanic and broken, providing an outsize opportunity for a startup that can navigate its politics and unique needs with a technology solution able to help incumbents speed up, and save money.

The Series A