Corvus Announces $4 Million in Funding
Corvus will also be a featured start-up story at the next Insurtech Boston event
Boston-based Corvus has raised $4 million in a seed round investment led by Bain Capital Ventures. Corvus, which is focusing on the commercial insurance space, is partnering with major insurers to acts as a Managing General Agency, allowing it to create “broker-distributed, tech-enabled” product offerings.
In commenting on its decision to invest in the commercial insurance insurtech start-up, 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.”
Founder and CEO Phil Edmundson, “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.”
The company already has developed CrowBar, its online platform for brokers and policyholders. The platform offers users on-demand access to a wide range of information including policy information, claims reporting, loss prevention recommendations and business intelligence. In addition, the company also “tech-enables” its insurance products by employing novel data sources which held it provide more comprehensive underwriting and ongoing loss prevention recommendations as well as business intelligence.
This is not the first insurance-focused start-up for Founder and CEO Phil Edmundson. Prior to launching Corvus, Mr. Edmundson was the former Chairman and CEO of William Gallagher Associates. In 2015, he sold that commercial insurance brokerage firm to Arthur J. Gallagher.
Two More Join Insurtech Spring Jam ’18
Speaking of Insurtech Boston, the Band is getting back together on June 7th. Like last time, the Insurtech Boston event will occupy all of the Seaport’s District Hall in order to accommodate our growing insurtech community.
In addition, Insurtech Boston’s co-Founders Allan Egbert and Mike Albert have announced two new additions to this edition’s roster. Both Corvus (see above) and Bold Penguin will be the featured start-up stories.
The event starts at 6:00pm and tickets are $30.00. To learn more or do an Early Bird RSVP, head on over to the Insurtech Boston website here.
LearnLux Wins PerfectPitch at SWSX
Congratulations are in order for Boston-based LearnLux. Founded in 2015 by Rebecca Leibman, learnlux is a free on-line education platform aimed at helping millenials take control of their financial future through on-line learning tools. In educating millenials about their financial future, the site will also include tools on helping millenials learn about making the right insurance decisions.
LearnLux was one of five finalists to present at Sound Venture’s PerfectPitch contest which is $100,000 Pitch Competition for early stage entrepreneurs held during the SXSW Conference in Austin. Sound Ventures is a venture capital firm founded by Ashton Kutcher and Guy Oseary.
According to the website VentureBeat, while the PerfectPitch competition had a star-studded panel which included the actors Ashton Kutcher and Matthew McConaughey; Melody McCloskey, CEO of StyleSeat; Marc Benioff, chairman and CEO of Salesforce; Guy Oseary, partner at Sound Ventures; and Gary Vaynerchuk, founder of VaynerMedia, the real star of the show was LearnLux Cofounder and CEO Rebecca Liebman. In addition to winning the competition, Ms. Liebman also signed a roster of key investors including Sound Ventures, which invested an additional $100,000 over the prize amount. Salesforce CEO Marc Benioff also “pitched in” an additional $200,000, with LearnLux raising a grand total of $400,000 in investments.
An Free Insurtech Primer
For readers who are looking to learn more about the basics of Insurtech, like What is it? What are the terms? What does it mean to an Insurance Professional? Then you are in luck. The Insurance Library Association of Boston is offering a free webinar tomorrow, March 21st on the very topic.
The following is a screenshot of the Webinar’s details below. To register, just click on the link which will take you to the Insurance Library’s webinar sign-up page.