Corvus Insurance has secured $10 million in new venture financing that the Boston-based insurtech managing general agency plans to use to jump into additional lines of commercial insurance.
The two companies launched the initial A-Series financing: .406 Structured Ventures and Hudson. Previous investor Bain Capital Ventures also decided to supplement additional funding. To date, Corvus has earned $ 14 million in total financing.
Corvus rewards itself as a broker-friendly MGA focused on offering olarak smart M or technology-enabled commercial insurance. The company says Big Data, the Internet of Things and other technologies are used to help commercial insurance brokers and their customers predict and prevent damages. The company’s CrowBar product uses customer-specific data to improve scoring, informing spelling decisions and pricing. Corvus said the data was then converted into free data analytics and business intelligence for commercial insurance brokers and policyholders. The platform also provides 24/7 access to policy and demand information.
Corvus initially used the data from the temperature sensors to focus on and avoid the claims of deterioration, focused on the cargo insurance. Argo Insurance is the main cargo carrier.
It also offers a cyber insurance product that uses network security assessments and web browsing technology to offer customers iber better pricing, enhanced coverage and proactive risk management tools Ayrıca.
Corvus said he has developed more commercial insurance products that will use data from a range of sources, including proprietary resources, government resources, mobile phones, cyber security scans, social media, Internet of Things sensors and satellite imagery.
Founder and CEO Phil Edmundson later sold William Gallagher Associates, a commercial insurance broker, to Arthur J. Gallagher.
Var Commercial insurance has a large market matured for innovation and has much to do with investment. This stimulates the pot and brings together technology experts and insurance professionals and finances new initiatives such as Corvus, leri says Edmundson to the insurance news for a report on insurtechs that inspired insurance early this year.
Edmundson said he expects the industry to see more insurtech initiatives focusing on empowering brokers rather than those who want to change them. ”We’re not trying to tear people apart,“ he said. ”We are trying to strengthen brokers because the current system is moving very slowly in introducing technology insurance products to the market.“
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