Corvus Insurance has secured $10 million in new venture financing, money the InsurTech-focused managing general agent plans to use to jump into additional lines of commercial insurance.
Two firms led the Boston-based InsurTech startup’s Series A financing: .406 Ventures and Hudson Structured. Previous investor Bain Capital Ventures also committed expanded funding.
To date, Corvus has raised $14 million in overall financing.
Corvus bills itself as a broker-friendly managing general agent focused on offering “smart,” or technology-enabled commercial insurance. The company said it uses big data, the Internet of Things and other technology to help commercial insurance brokers and their clients predict and prevent loss. The company’s CrowBar product uses customer-specific data to develop scoring that informs underwriting decisions and pricing. The data is then converted into free data analytics and business intelligence for commercial insurance brokers and their policyholders, Corvus said. According to Corvus, the CrowBar platform also allows 24/7 access to policy and claims information.
Corvus has initially focused on areas like cargo insurance, with innovations such as using data from temperature sensors to help predict and prevent spoilage claims. There is also the Corvus Smart Cyber Insurance product, which uses network security assessments and web scanning technology to give clients “better pricing, enhanced coverage and tools for proactive risk management,” according to the Corvus website.
Corvus said it is developing more commercial insurance products, using data from a number of sources including private sources, government sources, mobile phones, cybersecurity scans, social media, Internet of Things sensors and satellite imagery.
Founder and CEO Phil Edmundson previously ran a top commercial insurance brokerage (William Gallagher Associates, which was subsequently sold to Arthur J. Gallagher).
Source: Corvus Insurance