No shortage of venture funding for the insurtech sector, if you have an idea now is the time to get the rocket boosters underneath it.
Corvus Insurance, a leading provider of smart commercial insurance products powered by AI-driven risk data, announced it has secured extensions to its recent Series C funding, led by venture capital firms FinTLV and Aquiline Technology Growth (ATG). These latest investments will add to Corvus’s three rounds of venture capital previously announced — including its $100M Series C funding — bringing Corvus’s overall funding to $162M.
Corvus’s broker-focused approach uses AI and machine learning to analyze unique and proprietary sets of data to better predict and prevent loss. This novel approach helps policyholders, brokers, underwriters, and reinsurers incorporate data science into the dynamic commercial insurance marketplace. As Corvus continues to build on its mission of creating a safer world, the company is leaving a lasting impression on its brokers and policyholders, garnering a strong broker net promoter score (NPS) score of 82.
“The best insurtech success stories are the companies that actually understand the insurance business, and in particular, distribution. Corvus has a strong team that truly understands the commercial insurance business. We feel that Corvus is best positioned to succeed in the space because of its approach, its underwriting technology, and its ability to execute with a distribution-first partnership with brokers, enabling the brokers to sell complex policies to growing businesses,” said Mark Chess, Managing Partner at FinTLV.
As the InsurTech market continues to flourish, Aquiline Technology Growth, which has invested in many insurance technology firms, recognized a strong opportunity with Corvus.
“At the outset, cyber attacks are the biggest emerging risk within the commercial insurance landscape and Corvus is a category leader in providing smart cyber insurance to protect against that risk,” said Max Chee, head of ATG. “We’re excited to help the Corvus team as the company further expands its capabilities and products. Their deep understanding of evolving cyber threats, coupled with proactive engagement with the policyholder for prevention and risk management, gives them a superior offering in the marketplace.”
“We have the opportunity here to really re-imagine commercial insurance. The addition of FinTLV and Aquiline Technology Growth as investors will allow us to continue scaling, increase our share of the market, and enter new commercial lines. We’ve been presented with an opportunity to increase our impact and make the world a safer place, and we’re grateful to our new investors for the value and expertise they will bring,” said Phil Edmundson, founder and CEO of Corvus.