DataCubes, a data science platform startup that enables carriers to accurately quote commercial insurance policies by asking customers a few simple questions, has completed a Series A funding round of $2.5 million, led by venture capital firms Seyen Capital and MK Capital.
DataCubes’ platform uses data science to automate underwriting and eliminate paperwork, provide a holistic view of risks by analyzing a broad array of internal and external data sources, and score and prioritize commercial risks.
Using machine learning and artificial intelligence to analyze previously untapped sources for insights—like unstructured text and images—DataCubes can pre-fill application information, enabling commercial carriers to provide customers with online quotes with as few as five questions. In addition, DataCubes said its Intake product has helped customers improve underwriter productivity by 30 percent.
Funding will be used to extend DataCubes’ data science platform capabilities to support additional lines of business and scale sales and marketing efforts.