Like everyone else, COVID threw us a nasty curveball.
We were suddenly forced to rethink where and how we operate as a business. Budgets were cut, promising prospects laid off, and our anxiety rose as the world ground to a halt.
We’re proud to say that our initial fears were proven folly as COVID did not snuff out the explosive growth we were seeing in the beginning of the year, it accelerated it.
We built our business on the premise that the digital transformation will continue moving business interactions from analog to digital.
For financial service companies, this means less face-to-face retail engagements and more automated/accelerated underwriting, straight-through-processing for claims, and a hyper-focus on the new digital customer experience.
To thrive in this new reality, companies need easy access to new and innovative datasets to help them better understand their customers, agents, and employees.
That’s why we built ForMotiv, to give companies the simplest way to collect and analyze behavioral data.
But we didn’t stop there…
We’ve since proven that this proprietary data set is highly effective at predicting user intent. The use cases for this are endless, but we quickly gained traction helping businesses identify and predict risk and fraud.
We call our process of Collect => Detect => Predict “Behavioral Intelligence” and predicted that by 2025 most businesses would be using Behavioral Intelligence in some form or fashion.
Well, we were wrong. Looks like it’s going to be a lot sooner than that.
Like everyone else, COVID forced us to adjust our forecasts as we’ve essentially leaped into the digital future. While we have a long long way to go, our confidence that Behavioral Intelligence will be used by nearly every industry in (now) the next 24 months is only growing stronger.
Further proving this, we’ve experienced a big swing from outbound to inbound sales as companies realize the need for better data as a competitive advantage.
Lucky for them, we saw this coming (admittedly not this quickly) and are well positioned to capitalize on the data land grab that is unfolding.
First Half Highlights
We grew our total customer accounts by 64% in H1 versus the end of 2019.
Recurring revenue is up 900%+ since the end of last year.
We processed more behavioral data in H12020 than 2017-2019 combined.
We continued proving our thesis that our dataset can dramatically help increase conversions, predict risk and fraud, and that behavioral intelligence will be adopted by the most well-known companies in the industry.
We continued to add to our existing customer base in Home & Auto, Life, Reinsurance, FinTech, and InsureTech and we’re exploring new verticals every week.
We were participants in the Plug and Play InsurTech startup accelerator.
And in the midst of the highest unemployment numbers the United States has ever seen we were able to grow our company headcount by nearly a third and will continue to add to that in H2.
While we’re not going to count our chickens before they hatch, the second half of the year is looking to be even more explosive than the first, but you’ll have to wait for our Full Year 2020 Highlights for that. 😏
In the meantime, please schedule some time to explore the value of Behavioral Intelligence for your organization.
The ForMotiv Team
P.S. This article we wrote about Lemonade’s business model has been getting a lot of attention. Give it a read.