Corvus Raises $4 Million led by Bain Capital Ventures
Boston-based InsurTech company, Corvus, announces a $4 million seed round investment led by Bain Capital Ventures to propel InsurTech innovation into the commercial insurance market. Corvus partners with major insurers and acts as a Managing General Agency (MGA) to create broker-distributed, tech-enabled commercial insurance products. In an industry known for moving slowly, resisting change and keeping policyholders in the dark, Corvus delivers a transparent digital experience and insurance products featuring smarter coverage, lower premiums and software-driven loss prevention tools.
Founder and CEO Phil Edmundson, who previously built a top 50 tech-focused commercial insurance brokerage and sold it to Arthur J. Gallagher (NYSE:AJG) in 2015, stated: “As consumers, we all take pleasure in a great digital experience; we love the 24/7 ability to check our investment account, access our home security system, or check our credit score. It is time that this type of experience comes to commercial insurance brokers and their clients.”
Corvus tech-enables its insurance products by utilizing novel data sources to inform underwriting and provide ongoing loss prevention recommendations and business intelligence. These recommendations help brokers reduce the total cost of risk for their clients. The data sources are accessed through exclusive partnerships with providers of industry-specific data from business-critical systems, mobile phones, social media, Internet-of-Things (IoT) sensors and more.
Corvus has created an online platform called the CrowBar. It allows brokers and policyholders on-demand access to policy information, claims reporting, loss prevention recommendations and business intelligence.
Matt Harris, Managing Director at Bain Capital Ventures, said: “It is rare to find an accomplished entrepreneur so passionate and focused on transforming such a large untapped space. We’re betting that Corvus is the company to establish a new playing field in commercial insurance.”