Investment from Insight Partners backs Corvus’s streamlined, digital-first approach in the largest cyber insurance financing ever
BOSTON–(BUSINESS WIRE)–Corvus Insurance, the leading provider of smart commercial insurance products powered by AI-driven risk data, today announced it has secured $100 million in Series C funding in a round led by global venture capital and private equity firm Insight Partners, and including all of its previous institutional investors, increasing Corvus’s valuation to $750 million. 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 transaction, 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 AI capabilities to analyze unique and proprietary sets of data to better predict and prevent loss. This approach helps policyholders, brokers, underwriters, and reinsurers incorporate data science into the ever-changing commercial insurance marketplace. With this latest 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.
“Corvus is uniquely positioned to acquire a significant share of the commercial insurance market due to our software, data science playbooks, and team,” said Mike Lloyd, Co-founder and Chief Product Officer at Corvus. “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.”
The US commercial insurance market is huge, generating over $400 billion per year in premium. 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 nimble, 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.
“Commercial insurance is in the early stages of embracing data science and AI to better distribute and underwrite policies,” said Deven Parekh, Managing Director at Insight Partners. “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.”
The Series C funds 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 best-in-class digital platform, the CrowBar®. Built to provide 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 the best broker-focused solutions and mitigating risks of policyholders to support digital transformation in commercial insurance.
“At Corvus, we are employing the power of data to build insurance products that result in a safer world,” said Phil Edmundson, founder and CEO of Corvus. “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.”
For more information about Corvus, visit corvusinsurance.com.
Corvus Insurance is the leading provider of commercial insurance products built on advanced data science, with an AI-driven approach to empowering brokers and policyholders to better predict and prevent loss. With each Smart Commercial Insurance® policy, Corvus supplies proprietary Dynamic Loss Prevention® reports to inform policyholders of critical cyber risk areas and provide actionable security recommendations. Founded in 2017 by a team of veteran entrepreneurs from the insurance and technology industries, Corvus is backed by Bain Capital Ventures, Hudson Structured Capital Management, MTech Capital, Obvious Ventures, .406 Ventures, and Telstra Ventures. The company is headquartered in Boston, Massachusetts, and has offices across the U.S.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
Inkhouse for Corvus
Lisa van der Pool