DataCubes has changed its name. Moving ahead, it will now be known as Convr (pronounced “con-ver.”)
The Illinois-based InsurTech startup launched in 2016 with an AI-focused platform designed to help commercial insurance carriers make underwriting decisions. It raised $15.2 million in new financing just in November, money it has been using to fund research and development and additional hiring to help support its expanding client base.
Convr said it hopes its new name will help propel those growth plans even more.
Carrier Management Editor Mark Hollmer submitted email questions to CEO Bruce Simpson about the name change and why it matters. Below are highlights of his responses.
Q: Could you pronounce the new name?
Simpson: The pronunciation of our name is “con-ver,” and it can also be found in our company video, which is located on our homepage at www.convr.com.
Q: What is it meant to stand for?
Simpson: Convr comes from the word “convergence.” It describes the convergence of decision science and traditional insurance to help advance the industry.
Q: Why did you change the name from DataCubes?
Simpson: As we continue to grow and innovate, the name Convr best represents our vision of empowering commercial P&C insurers through decision science. It is important to us to have a name that goes beyond “data” and represents the potential of what AI can do.
Q: Why will the new name reach customers any better than the old one?
Simpson: Our new name reflects exactly what we bring to customers by relating it to the concept of convergence. Convr brings the innovative solutions that carriers can tie to their underwriting processes to bring forth profitability and improved decision-making. It was more challenging for a carrier to get a good understanding of what DataCubes was all about just by looking at the name, and the first thing that they might have thought is that we provided only data.
Q: What are the challenges of changing a company name at this stage?
Simpson: Fortunately, we are very close with the market and have been able to communicate directly with all of our customers and prospects in advance. This helped ensure clarity on the change before it was even announced. Our old name had very strong brand equity in commercial insurance, and much of our launch and communication efforts have focused on ensuring that equity will be transferred into Convr. In addition to that, we had the expected email and infrastructure updates—which went smoothly thanks to our talented team executing a well-made plan.