North Coast Ventures recently made an investment in ForMotiv, a Philadelphia-based Behavioral Data Science platform that gives leading insurance carriers actionable insight into the truthfulness and intent of their digital applicants.
As the insurance industry continues shifting online and carriers adopt accelerated underwriting and instant decisioning, there is a lack of real-time data available to help carriers make instant decisions with confidence and accuracy that take into account customer purchase intent and risk. There is a need for more data, in real-time, that helps carriers understand the intent of their digital users so they can drive personalized next-best-actions.
ForMotiv collects and runs real-time machine learning on their unique, first-party digital customer behavioral dataset during the application process to predict user intent and enable carriers to act on it by driving a personalized next-best-action for each individual applicant. ForMotiv’s proprietary insurance solutions include Premium Leakage, Non-Disclosure, Material Misrepresentation and Underwriting Risk while improving Bind and Placement Rates.
ForMotiv has proven the value of their platform, as demonstrated by a notable customer list, which includes Top 10 Life and P&C customers, reinsurers, insurance technology providers and more. NCV sees the value and ROI the ForMotiv solution can provide to insurance carriers as a powerful advantage that will make ForMotiv an industry leader.
About North Coast Ventures
North Coast Ventures (NCV) is a Cleveland-based early-stage venture capital firm primarily investing in B2B, SaaS companies. With over 400 member investors, NCV is the largest, single-chapter investor group in the country. Since 2006, NCV and its member investors have deployed more than $90M into 67 high-potential ventures.
For more information about North Coast Ventures and its portfolio, visit northcoast.vc.