Corvus, a Boston-based insurtech company, has raised $10m in a Series A investment round led by .406 Ventures and Hudson Structured.
There was also expanded funding from previous investor, Bain Capital Ventures. Corvus partners with major insurers and acts as a Managing General Agency (MGA) to create broker-distributed, tech-enabled commercial insurance products that use novel data sets to predict and prevent commercial insurance claims.
Corvus has already launched two Smart Commercial Insurance products: Smart Cyber Insurance and Smart Cargo Insurance. Corvus plans to use the new capital to expand into additional commercial lines of insurance. In connection with the financing, Graham Brooks, Partner of .406 Ventures, will be joining Corvus’ Board.
Corvus’ goal is to accelerate the pace of innovation and increase transparency in the insurance industry. Corvus delivers a clear digital experience and insurance products featuring smarter coverage, lower premiums and software-driven loss prevention tools.
Their proprietary, digital platform, the CrowBar, applies customer specific data to create Corvus Scores that inform underwriting decisions and pricing. This same data is also converted into free data analytics and business intelligence for commercial insurance brokers and their policyholders.
Corvus founder and CEO Phil Edmundson said: “Commercial insurance brokers and their clients deserve more from their insurers. Built by brokers, Corvus delivers more informed underwriting, more data analytics on each account, and more business intelligence that helps brokers and policyholders to manage risk effectively.
“Founded by a group equally weighted in technology and insurance, Corvus puts new data to work for everyone in the value chain of commercial insurance.”
Corvus is developing additional commercial insurance products leveraging data from a variety of sources including private sources, government sources, mobile phones, cyber security scans, social media, Internet-of-Things (IoT) sensors and satellite imagery. Corvus has now raised $14 million in two rounds of funding.
.406 Ventures co-founding partner Liam Donohue said: “We are very excited to partner with Corvus as they have demonstrated the ability to build a world-class team and to attract over 100 clients early in their launch of Smart Commercial Insurance products.”
“Our new investors bring us greater depth in leveraging new data sets and driving more value from them for our brokers and policyholders.”
Source: Company Press Release