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§ Private Profile · 475 North Martingale Road, Schaumburg, IL
AI-powered underwriting platform for commercial P&C insurance, automating data intake and risk assessment for faster, more accurate decisions.
Based in Schaumburg, Illinois, Convr operates an artificial intelligence underwriting platform that digitizes, enriches, and evaluates commercial property and casualty insurance submissions for carriers and managing general agents. The company's core Underwriting Workbench software automates data intake and risk assessment by drawing from a proprietary data lake containing structured information on more than 85 million businesses. Operating with a workforce of 48 employees across North America and Europe, the enterprise system is trained on historical data representing over 80 percent of United States commercial insurance premiums. Convr has secured financial backing from prominent venture capital firms including Palm Drive Capital, Altos Ventures, and MK Capital, raising 15.2 million dollars during its Series B funding round to further expand its operations. The insurance technology company was originally founded in 2016 by Harish Neelamana and Kuldeep Malik.
Convr has raised $17.5M across 2 funding rounds.
Convr has raised $17.5M in total across 2 funding rounds.
Convr is an AI-driven underwriting workbench that digitally transforms commercial property and casualty (P&C) insurance by automating data intake, enriching submissions with real-time insights, and enabling faster, more accurate decision-making.[1][2][3] The platform serves commercial carriers of all sizes—including many of the top 10 and top 20 carriers, MGAs, brokers, and reinsurers—solving inefficiencies in underwriting through modular tools like Intake AI (document digitization), Risk 360 AI (third-party data enrichment), Answers AI (business classification and query responses), and Risk Score AI (risk prioritization).[2][3][4] It tackles core problems such as manual data entry, slow submission processing, inconsistent risk assessment, and loss prediction, delivering benefits like reduced data gathering time, operational cost savings, premium growth, and improved customer experiences; the company has raised $18M in Series B funding, employs 54 people, and shows steady growth with 3.84% YoY headcount increase.[1][3]
Founded in 2016 by underwriters for underwriters—originally as DataCubes—Convr emerged from deep industry expertise to address pain points in commercial P&C insurance underwriting, where fragmented data and manual processes hindered efficiency.[2][3] The founders built a purpose-built platform trained on 80% of U.S. commercial premium data, focusing on digitizing submissions and fusing them with external sources for actionable insights.[2] Early traction came from quick time-to-value implementations without heavy integration, attracting tier-one carriers and leading to documented results in submission efficiency and loss avoidance; by its eighth year in 2024, Convr had processed record submissions and expanded partnerships, such as with Lucid and Lockton.[3][4]
Convr rides the AI transformation wave in insurtech, specifically targeting commercial P&C underwriting—a $300B+ U.S. market plagued by data silos, regulatory complexity, and rising loss ratios amid climate and cyber risks.[1][2][3] Timing is ideal as generative AI, LLMs, and agentic systems mature, enabling automation of tedious tasks like document processing and risk scoring, which legacy systems can't match; market forces like carrier digitization urgency, MGA proliferation, and reinsurer demands for efficiency favor Convr's out-of-the-box, domain-specific AI.[3][4][6] It influences the ecosystem by setting benchmarks for frictionless underwriting, empowering carriers to scale operations, improve profitability, and focus human expertise on high-value decisions, while fostering broker-agent experiences through faster quotes and better transparency.[2][4]
Convr is poised to deepen market penetration with expanding AI capabilities, targeting more MGAs and reinsurers amid surging demand for automated underwriting in a hardening P&C cycle.[3][4] Trends like agentic AI for proactive workflows, larger data lakes for predictive loss avoidance, and explainable models for compliance will shape its path, potentially driving further funding or acquisition interest given its $18M raise and top-carrier adoption.[1][3] Its influence may evolve from efficiency enabler to industry standard-setter, revolutionizing risk selection as carriers prioritize premium growth over manual toil—cementing Convr's role in a more data-intelligent insurance future.[2][4]
Convr has raised $17.5M across 2 funding rounds. Most recently, it raised $15.0M Series B in November 2019.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Nov 1, 2019 | $15M Series B | Nicholas HSU | Distributed Ventures, Altos Ventures, MK Capital, MPK Equity Partners, NFP Ventures, Seyen Capital, Stage 2 Capital | Announced |
| Sep 8, 2017 | $2.5M Series A | Mark Koulogeorge, George Spencer | — | Announced |
Convr has raised $17.5M in total across 2 funding rounds.
Convr's investors include Nicholas Hsu, Distributed Ventures, Altos Ventures, MK Capital, MPK Equity Partners, NFP Ventures, Seyen Capital, Stage 2 Capital, Mark Koulogeorge, George Spencer.