Qumis, a lawyer-built AI platform designed to transform insurance knowledge work, announced the close of an oversubscribed $2.2 million pre-seed funding round. The funding round was led by Armory Square Ventures with participation from MTech Capital, Grand Ventures, Alumni Ventures, and BrokerTech Ventures. And other strategic investors include Sean Harper, co-founder and CEO of insurance technology company Kin Insurance, and Tom Vander Schaaf, former General Partner at Edison Partners. Some of the rounds were funded by Qumis customers, reflecting the market’s confidence in the potential of the platform.
Qumis replaces outdated, manual processes like policy reviews and claims coverage analyses with intuitive AI-powered solutions. And Qumis combines AI with legal expertise required to help insurance professionals read, interpret, and provide counsel on complex policies with unprecedented accuracy and efficiency. Since its founding in 2023, Qumis has already served five of the 15 largest US insurance brokers, leading specialty carriers, and top insurance-focused law firms.
Qumis taps into deep expertise to address critical pain points in insurance operations. And co-founder and CEO Dan Schuleman started his career as an insurance coverage attorney, experiencing firsthand the inefficiencies of manually analyzing complex property and casualty insurance policies. And co-founder and CTO Shiv Sinha, the former head of application development at Goldman Sachs, brings extensive experience in building and scaling fintech platforms, including leading the development of Marcus.
The key features of Qumis include:
- Faster and less expensive law-firm caliber coverage analysis for complex claims – Automatically scans and analyzes complex insurance policies and claim files to assess coverage issues and draft coverage letters within minutes instead of weeks.
- Instant policy comparison and review – Quickly compare insurance policies, quotes, and binders to identify gaps and recommend coverage.
- Real-time insights – Offers brokers, carriers, and agents with real-time policy insights to improve claims management and underwriting decisions.
Qumis will use the new funding to scale its AI capabilities, accelerate product development, and expand its customer base.
KEY QUOTES:
“At Qumis, we enable insurance professionals to work smarter, faster, and more confidently. Advances in AI have unlocked the opportunity to reimagine the way insurance policies are analyzed and understood, transforming workflows that have remained unchanged for decades. This funding will accelerate our mission to bring cutting-edge solutions to an industry still entrenched in paper-based processes.”
- Dan Schuleman, Qumis co-founder and CEO
“The Qumis team has already achieved extraordinary traction with minimal resources, demonstrating both their ability to execute and meet the immense demand for their platform. We’re thrilled to partner with Qumis to drive the digitization of a legacy industry that is ready for transformation.”
- Neenah Jain, partner at Armory Square Ventures
