On the heels of its recent funding announcement, Boston-based Corvus Insurance announced that it had welcome eight new members to its flock this week. While there was no official press release, the company did make an announcement on its LinkedIn Page. The following is a screenshot of that announcement which links to their official profile page.
The insurtech recently announced that it had raised $32 million in Series B funding
As Agency Checklists reported earlier this year, the new decade has started off on an optimistic note for Corvus Insurance. In January, the company announced that it had raised an additional $32 million in Series B venture funding. In 2018, the company secured approximately $10 million in funding. According to Corvus, it plans to use the influx of funds to expand its existing product lines as well as to accelerate the development of “new technologies and tools to improve risk management” mainly for companies dealing with larger and more complex cyber risk.
Corvus Insurance officially launched in 2017
Corvus Insurance officially began in Boston’s Seaport District back in 2017 as a broker-friendly InsurTech MGA, offering Smart Commercial Insurance™. The name Corvus in Latin means “raven” with corvid denoting “…a family (Corvidae) of stout-billed passerine birds including the crows, jays, magpies, and the raven.” The company has embraced these terms even naming its digital platform for commercial insurance as the “Crowbar.”
Spring ahead to 2020 and Corvus has now grown its company into an AI-Driven Smart Commercial company with a growing flock of employees and offices across the country, including establishing offices in Los Angeles, Atlanta, and Dallas.
In 2018, Phil Edmundson founded Corvus after selling Boston-based insurance broker, William Gallagher Associates (WGA) to NYSE-traded, Arthur J. Gallagher in 2015. In commenting on his decision to re-enter the insurance space with an insurtech start-up with Agency Checklists, he said,”
After selling my insurance brokerage businesses in the US and Europe by 2015, I dug into what we now call InsurTech. I visited with over 100 start-ups and invested in many early-stage InsurTechs like CoverWallet and Verifly. By the end of 2016, I became convinced that great technology was not getting to middle-market commercial customers. Generally, that is the opportunity Corvus seeks to address. We have built a great data platform called the CrowBar™ where we turn previously ignored data into risk scores that predict and prevent commercial insurance claims.”
In a follow-up question on what he thinks the most important takeaway is from the creation of Corvus Insurance, he added, “Insurtech requires not just great market insights, and great technologists, but also experienced insurance execs in order to succeed.”