- Corvus Insurance — the leading provider of smart commercial insurance products powered by AI-driven risk data —announced it has secured $100 million in Series C funding at a $750 million valuation. These are the details.
Corvus Insurance — the leading provider of smart commercial insurance products powered by AI-driven risk data —announced it has secured $100 million in Series C funding in a round led by and including all of its previous institutional investors. This funding round increased Corvus’s valuation to $750 million. And this latest investment — following last year’s $33 million Series B round — brings Corvus’s total amount raised to date to $147 million.
As part of the funding, Insight Partners’ Managing Director Deven Parekh will join the Corvus Board of Directors, and Principal David Spiro will join as a Board Observer.
Corvus’s broker-focused approach utilizes its artificial intelligence capabilities to analyze unique and proprietary sets of data to better predict and prevent loss. And this approach helps policyholders, brokers, underwriters, and reinsurers incorporate data science into the ever-changing commercial insurance marketplace.
With this round of funding, Corvus – which grew Gross Written Premium 250% in 2020 and exited January at a $120 million annual premium run rate with an average policy size of $9,000 – will continue its hyper-growth trajectory at scale, with plans to double its headcount in 2021.
The US commercial insurance market is large, generating over $400 billion per year in premium. And Corvus is reimagining commercial insurance through the use of novel data and AI to predict and prevent commercial insurance claims, producing a differentiated experience for policyholders and brokers as well as for the Corvus underwriting team. As a data-focused InsurTech, Corvus is the only player in the space built from the ground up to meet the needs of commercial insurance policyholders, brokers and reinsurers alike.
The Series C funding round will be utilized by Corvus to double down on its underwriting, product development and go-to-market strategies while also further expanding the company’s digital platform the CrowBar.
Built for providing cyber risk data and an exceptional digital experience to both brokers and policyholders, CrowBar is the only tool of its kind in the market.
Beyond enhancing its suite of applications, Corvus is focused on providing broker-focused solutions and mitigating risks of policyholders to support digital transformation in commercial insurance.
KEY QUOTES:
“Corvus is uniquely positioned to acquire a significant share of the commercial insurance market due to our software, data science playbooks, and team. Our proven ability to extract actionable insights from novel data using AI and then apply those insights to improve our underwriting, the broker/client experience, and loss prevention for our policyholders will enable us to continue to grow in a fast and scalable way across many product lines.”
— Mike Lloyd, Co-founder and Chief Product Officer at Corvus
“Commercial insurance is in the early stages of embracing data science and AI to better distribute and underwrite policies. Corvus is leading the way by building a foundation in cyber insurance with a world-class team, transformative product, and ambitious vision. We are excited to partner with the Corvus team and support them in their next phase of growth.”
— Deven Parekh, Managing Director at Insight Partners
“At Corvus, we are employing the power of data to build insurance products that result in a safer world. During these times of unprecedented cyber attacks, we are arming brokers and their policyholders with the most intuitive tools and capabilities to mitigate risks for companies of all sizes. With the biggest fundraising round of a cyber insurance company to date, we will continue to realize our vision in making our world a safer place.”
— Phil Edmundson, founder and CEO of Corvus
