Behavioral Intelligence Company ForMotiv Raises $1mm as Application Volume Explodes to over 100m
ForMotiv, a leading Behavioral Intelligence solution that helps insurance carriers and other financial service providers predict user intent, is announcing a $1 million financing round with participation from existing investors and DreamIt Ventures. The money will be used primarily for hiring to keep up with rapidly increasing customer demands after the number of digital applications analyzed exploded over 100x from 100,000 to 100,000,000 in 2020.
“We are excited to back an extremely talented management team that is solving difficult problems with a very unique approach,” said Darren Sandberg, Managing Partner, Dreamit Ventures. “We are happy to help ForMotiv keep up their strong growth as they solve critical pain points for leading financial service institutions.”
Using a combination of behavioral economics and predictive behavioral analytics, ForMotiv’s “Behavioral Intelligence” solution allows enterprises to easily collect and analyze user behavior data called “Digital Body Language” to predict user intent.
Companies of all sizes, from InsurTech startups to Fortune 500 global carriers, are using Behavioral Intelligence to improve user experiences, increase digital conversions, and predict risk and fraud, leading to more customers and lower loss ratios.
“We weren’t exactly looking to raise money but with the digital transformation accelerating due to COVID, the demand for new data sources, particularly behavioral data, has exploded. In 2021, we will analyze hundreds of millions of digital applications, which consist of anywhere from 1 to 55+ screens so the amount of data we’re collecting and analyzing at this point is significant. This capital puts us in a position to serve our swelling customer base and grow our team accordingly,” says Bill Conners, President of ForMotiv.
For perspective, ForMotiv collects between 5,000-50,000+ behavioral data points on each individual application. Using supervised machine learning, ForMotiv analyzes behavioral signals such as correcting answers, copying and pasting, hesitancy on certain questions, application fluency, and hundreds of other behavioral features to determine an “intent score.” This intent data can be quite powerful.
“For example, instead of a carrier just knowing the users’ quote duration status—when they started a quote, when they submitted, or how many times they submitted it, etc. ForMotiv unlocks an entirely new dimension of behavioral data that looks at users’ intent by continuously scoring user behavior in real-time,” explained ForMotiv’s Head of Product, Mike Mayock. “Their digital body language contains thousands of data points and all of these behavioral elements tell a story about user intent. But the real magic is, armed with that “intent data” carriers can create dynamic experiences that add/reduce friction on an individual user basis.”
ForMotiv’s Behavioral Intelligence solution is currently being used by leading financial services and software providers such as Unqork and iPipeline. ForMotiv’s light-weight integration can be completed in under an hour and collects zero personally identifiable information (PII). Users are analyzed in real-time, allowing for instant risk decisions and underwriting. The dynamic nature of the software allows for real-time engagement with customers likely to abandon, additional friction or further qualification for customers showing signs of increased risk, and oversight into internal or external agent workforces.
ForMotiv is the first Behavioral Intelligence platform. Using advanced, explanation-based predictive behavioral analytics, ForMotiv gives organizations unprecedented levels of insight into their users, leading to increased conversions, better digital experiences, and reduced risk and fraud. ForMotiv’s patent-pending Digital Polygraph provides real-time analysis of user behavior, helping organizations predict user outcomes. By analyzing a user’s digital body language, such as hesitancy, indecision or answer correcting, copy/paste actions, and thousands of other metrics collected as a user interacts with an online form or application, ForMotiv calculates Intent Scores to help predict user outcomes. Departments from Marketing to Risk, Data Science to Fraud, and Underwriting to Digital Strategy are utilizing ForMotiv’s platform.