Analytics and data management platform for the re/insurance industry, Vellum Insurance, has exited stealth with a $7 million seed round led by Acrew Capital, with participation from Flourish Ventures, Fin Capital, Vera Equity, Endurance and 1 Sharpe Ventures.
Founded in 2022, Vellum’s analytics and data platform possesses the ability to connect the insurance value chain from MGAs to carriers, to reinsurers, ultimately driving innovation and profitability through enhanced risk management and efficiency.
By using AI and machine learning, the platform is able to automatically ingest, validate and aggregate data generated by MGAs and reinsurance transactions.
In addition, Vellum’s platform also provides an intelligence layer that facilitates real-time risk monitoring, actuarial and underwriting analytics, as well as financial reporting for both reinsurers and carriers.
The company currently works with a variety of different carriers and reinsurers across the US and Cayman Islands, integrating data from a number of different MGAs and reinsurance treaties into its platform.
At the same time, the platform supports multiple lines of business across P&C insurance, including property, general liability, inland marine, and auto.
Vellum has confirmed that it will use the funds raised to expand the functionality of its platform to meet the needs of its rapidly growing customer base.
Vellum’s CEO, Julianna Muir, commented: “Changes in the frequency of catastrophic events, like those we have seen recently in Florida, California and Hawaii, are causing insurers to exit the market, leaving people and businesses with gaps in coverage. Vellum’s platform supports efforts to innovate in all insurance markets by bringing unprecedented transparency to the relationship between risk partners, building trust and increasing the profitability of and willingness to innovate of all parties.”
Sam Hodges, an investor in Vellum and CEO of Vouch Insurance, said: “I have experienced first-hand the often archaic data and analytics infrastructure that underpins much of the insurance and reinsurance market. I am tremendously excited by the potential Vellum’s platform has to transform how data and risks are managed by insurers and their capacity partners.”
Lauren Kolodny, founder at Acrew Capital, added: “We have been looking for years to invest in companies that are disrupting the decades-old technology that governs how the insurance and reinsurance industry moves and analyses data. Vellum’s data and analytics platform, built specifically for the insurance industry, provides the modernized infrastructure that carriers, reinsurers and MGAs have been crying out for to be able to adapt and innovate in this environment.”
Sarah Morgenstern, Venture Partner at Flourish Ventures, stated: “Modernizing analytics and data management across the insurance value chain is critical to bolstering innovation. Julianna and the team bring a formidable mix of industry experience and technical capabilities to this pressing market opportunity.”
