Online insurance platform Corvus has raised $10m in its Series A round of funding, coming just months after closing its previous investment.
The new line of financing was led by .406 Ventures and Hudson Structured, with previous backer Bain Capital Ventures also contributing. Earlier in the year, Bain Capital supplied a $4m growth equity investment into the InsurTech.
Massachusetts-headquartered Corvus aims to accelerate innovation in the insurance space and boost transparency. To do this, it is offering a selection of digital experiences and insurance products including smarter coverage, lower premiums and software-driven loss prevention tools.
The company partners with major insurers and acts as a General Managing Agency to build broker-distributed commercial insurance policies. The platform uses novel data sources to inform underwriting and provide ongoing loss prevention recommendations and business intelligence; through these recommendations, brokers can reduce the total cost of risk.
Corvus’ data set comes through partnerships with data businesses and includes business-critical systems, mobile phones, social media, and internet-of-things sensors and among others.
There have been two smart commercial insurance product launches from the company so far: Smart Cyber Insurance and Smart Cargo Insurance.
With the burst of funding, the company is looking to release additional insurance products.
Corvus founder and CEO Phil Edmundson said, “Commercial insurance brokers and their clients deserve more from their insurers. Built by brokers, Corvus delivers more informed underwriting, more data analytics on each account, and more business intelligence that helps brokers and policyholders to manage risk effectively.
“Founded by a group equally weighted in technology and insurance, Corvus puts new data to work for everyone in the value chain of commercial insurance.”
As part of the investment, .406 Ventures partner Graham Brooks will join the company’s board of directors.
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