Qumis raises $4.3 million

Qumis, a startup offering an AI solution that can analyze insurance policies, announced a $4.3 million seed round led by MTech Capital, with participation from American Family Ventures and all prior investors, bringing funding to date to $6.75 million.

Qumis claims that its solution can interpret policies like attorneys do – “understanding how exclusions carve back coverage, how endorsements modify terms, and how definitions ripple across hundreds of pages of interrelated language.”

Insurance professionals can use the solution to analyze complex policy towers and identify coverage gaps, compare quotes, binders, and endorsements across markets with structured, side-by-side intelligence, and support claims coverage positions with “expert-quality reasoning,” among other things.

“The gold standard for coverage analysis has always been a skilled coverage attorney, but you can’t put one on every account. Qumis changes that. Our platform delivers coverage-expert-level analysis at scale, with the citations and reasoning to back it up. And because it’s AI-native, we can combine that expertise with the kind of market intelligence that large brokers typically need entire data operations teams to produce.” – Dan Schuleman, Esq., co-founder and CEO of Qumis.

“We backed Qumis early because brokers told us that once they started using it, they couldn’t imagine working without it — and would even pay for it themselves if their employer wouldn’t. In an industry facing social inflation, increasingly complex risks, and a talent crunch, Qumis was the right solution at the right time. The team’s traction with major brokers and specialty carriers made this an easy decision to lead.” – Brian McLoughlin, Partner at MTech Capital.