Qumis, an attorney-trained AI platform focused on commercial insurance coverage intelligence, has raised $4.3 million in an oversubscribed seed round, bringing its total funding to $6.75 million. The round was led by MTech Capital, with new strategic investor American Family Ventures and participation from all prior investors.
The Chicago-based company positions itself as the only attorney-trained AI platform built specifically for commercial insurance coverage intelligence. As investment in insurance AI accelerates, much of the capital has flowed into workflow automation and document processing. Qumis is targeting a different segment of the market by combining legal-grade coverage expertise with market intelligence to support brokers, underwriters, and claims professionals.
The platform is designed to replicate the analytical approach of experienced coverage attorneys. Rather than treating insurance policies as searchable documents, Qumis analyzes how exclusions affect coverage, how endorsements modify terms, and how definitions interact across lengthy, interrelated policy language. It incorporates proprietary document processing capabilities, including the ability to handle complex scanned manuscripts, and applies multi-stage legal reasoning trained on thousands of real-world coverage analyses.
Each output includes source-linked citations, transparent reasoning chains, and confidence indicators. The platform also analyzes patterns across policies and markets to generate broader insights. Qumis operates within a secure, private environment for each firm, allowing organizations to build on prior analyses and surface institutional knowledge over time.
Insurance professionals use Qumis to analyze complex policy towers and identify coverage gaps, compare quotes and endorsements across markets, support claims positions with consistent reasoning, identify market trends across their portfolios, and centralize institutional knowledge in a secure document vault.
The company’s growth has been driven by adoption among large brokers and carriers, including NFP, an Aon company. NFP expanded usage from an initial team to hundreds of users across the organization.
Qumis plans to use the funding to expand its go-to-market team and enhance product capabilities as demand increases from large brokers, carriers, and coverage-focused law firms.
KEY QUOTES:
“The gold standard for coverage analysis has always been a skilled coverage attorney, but you can’t put one on every account. Qumis changes that. Our platform delivers coverage-expert-level analysis at scale, with the citations and reasoning to back it up. And because it’s AI-native, we can combine that expertise with the kind of market intelligence that large brokers typically need entire data operations teams to produce.”
Dan Schuleman, Esq., Co-Founder And CEO Of Qumis
“Since rolling out Qumis, our teams are spending less time wrestling with policy language and more time advising clients. It’s like putting a coverage specialist at everyone’s desk — but faster and more consistent.”
Mark J. Rieder, Head Of Innovation At NFP
“We backed Qumis early because brokers told us that once they started using it, they couldn’t imagine working without it — and would even pay for it themselves if their employer wouldn’t. In an industry facing social inflation, increasingly complex risks, and a talent crunch, Qumis was the right solution at the right time. The team’s traction with major brokers and specialty carriers made this an easy decision to lead.”
Brian McLoughlin, Partner At MTech Capital
