# ForMotiv

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/formotiv

- Industry: Software
- Headquarters: Philadelphia, US
- Website: www.formotiv.com
- Total disclosed funding: $7.4M
- Latest round: Seed (Sep 28, 2021)
- Investors on record: 3

## About

Based in the US, ForMotiv LLC operates as a provider of behavioral analytics, delivering critical insights for the insurance sector to enhance the underwriting process and applicant evaluation.ForMotiv LLC specializes in behavioral analytics for the insurance industry, assisting carriers in understanding applicant behavior. The company was founded in 2017 in Philadelphia, US, by Andrew Schwabe and Mike Mayock. As of June 2023, ForMotiv has completed a total of 5 deals, with its latest deal raising USD 300,000 million in venture funding, which equals the total amount raised. Bill Conners currently serves as CEO.ForMotiv specializes in behavioral analytics tailored specifically for the insurance sector, providing solutions that empower carriers to better understand applicant behavior during the underwriting process. Their core offerings encompass a range of modules designed for various insurance products, including personal lines, commercial lines, and specific vehicles such as motorcycles and boats, as well as life insurance options like term, whole, and universal products. By leveraging insights from billions of digital insurance transactions, ForMotiv's platform captures over 5,000 behavioral data points throughout the online quoting and binding processes. This analysis includes metrics such as typing speed, time spent on applications, and user corrections, enabling insurers to gauge the intent level of applicants—differentiating between genuine interest and potential fraudulent behavior. The company's solutions are utilized by leading insurance carriers across global markets, with deployment in regions that include North America, Europe, and Asia.ForMotiv operates on a B2B model, providing subscription-based access to its behavioral analytics platform for insurance carriers and agencies. The firm's revenue structure is predominantly derived from partnerships with various insurance companies, who integrate ForMotiv's solutions into their underwriting processes. The service offerings allow clients to implement real-time predictive analytics and behavioral insights at different levels of friction, tailored to the risk profile of each applicant. While specific pricing plans for individual services are not disclosed, the firm’s flagship products are designed to facilitate a seamless user experience while ensuring stringent risk management practices. This subscription framework underscores ForMotiv’s commitment to delivering value through advanced analytics, with the potential for clients to engage in long-term contracts that enhance underwriting efficiency and increase conversion rates.In June 2023, ForMotiv LLC raised USD 300,000 million in venture funding, which will be used to accelerate hiring and product development timelines throughout the year. The company aims to launch new products and expand its operations into additional global markets, focusing on enhancing its presence in North America, Europe, and Asia.

## Funding rounds

- Seed, Sep 28, 2021, $6M — DreamIt Ventures, Plug and Play, Vestigo Ventures
- Seed, Jan 6, 2021, $1M — DreamIt Ventures
- Seed, Jun 29, 2018, $0.4M — DreamIt Ventures

## Investors

- DreamIt Ventures (https://capitalatlas.ai/funds/dreamit-ventures) — Seed
- Plug and Play (https://capitalatlas.ai/funds/plug-and-play) — Seed
- Vestigo Ventures (https://capitalatlas.ai/funds/vestigo-ventures) — Seed