Corvus, a Boston, MA-based insurtech startup, raised $4m in seed funding.
The round was led by Bain Capital Ventures.
The company intends to use the funds to continue to develop innovative commercial insurance products.
Led by Founder and CEO Phil Edmundson, who previously built a top 50 tech-focused commercial insurance brokerage and sold it to Arthur J. Gallagher (NYSE:AJG) in 2015, Corvus partners with major insurers and acts as a Managing General Agency (MGA) to create broker-distributed, tech-enabled commercial insurance products. The company tech-enables its insurance products by utilizing novel data sources to inform underwriting and provide ongoing loss prevention recommendations and business intelligence. These recommendations allow brokers to reduce the total cost of risk for their clients. The data sources are accessed through exclusive partnerships with providers of industry-specific data from business-critical systems, mobile phones, social media, Internet-of-Things (IoT) sensors and more.
Corvus has created an online platform called the CrowBar. It allows brokers and policyholders to on-demand access to policy information, claims reporting, loss prevention recommendations and business intelligence.