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Qumis, a Chicago, IL-based provider of a lawyer-built AI platform to empower insurance knowledge work, raised $2.2M in Pre-Seed funding.
The round was led by Armory Square Ventures with participation from MTech Capital, Grand Ventures, Alumni Ventures, and BrokerTech Ventures. Strategic investors included Sean Harper, co-founder and CEO of insurtech unicorn Kin Insurance, and Tom Vander Schaaf, former General Partner at Edison Partners.
The company intends to use the funds to scale its AI capabilities, accelerate product development, and expand its customer base.
Led by CEO Dan Schuleman and CTO Shiv Sinha, Qumis provides an AI-driven platform improving insurance knowledge work. It enables to understand insurance policies and make informed decisions with precision. The platform is already used by brokers, carriers, and law firms to deliver better outcomes across brokering, claims, and compliance.
Its key features include:
- Real-time insights: provides brokers, carriers, and agents with real-time policy insights to improve claims management and underwriting decisions.
- Faster and less expensive law-firm caliber coverage analysis for complex claims: 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: compares insurance policies, quotes, and binders to identify gaps and make coverage recommendations.