DataCubes Seeks to Help Commercial Insurers Increase Underwriting Productivity 10x

The company recently completed the Plug and Play tech accelerator program and is currently in growth mode, staffing up to accommodate a healthy and growing set of production clients.

(Cofounder and CEO, Kuldeep Malik, works with his team out of the DataCubes office in Schaumburg, Ill.) 

DataCubes Inc., a Schaumburg, Ill.-based data science startup aims to help commercial property/casualty insurers increase underwriting productivity ten-fold. The company recently completed the Plug and Play tech accelerator program, and Insurance Innovation Reporter had the opportunity to meet with them earlier this month at the IASA Show in Nashville, Tenn.

Kuldeep Malik, CEO and co-founder, DataCubes.

During the three-month Plug and Play program, DataCubes reports that it benefited from expert advice, exposure to investors and connection with the 61 insurance companies affiliated with the program. As a result, the company now sees itself as well-positioned to continue to help commercial insurers provide a world-class customer experience while becoming an order of magnitude more efficient in underwriting.

Opportunity for Market Exposure

“Plug and Play was an excellent experience to get more exposure as we work towards our vision of enabling commercial underwriting with as little information as possible,” comments Kuldeep Malik, co-founder and CEO, DataCubes. “I would highly recommend Plug and Play for other insurtech startups that have formed a solid vision and could use the resources of the program to help them reach their full potential.”

Since joining Plug and Play in February, DataCubes has had the opportunity to connect with the insurance companies affiliated with the program, participate in demo days with investors and forge solid relationships with other insurtech companies. During this time, DataCubes reports that it was also able to stay focused on evolving its products, onboarding new customers and assisting prospects with determining how its solutions fit into their strategies.

IIR met with Phil Alampi, DataCubes’ VP of marketing. He describes DataCubes as the first data science platform for commercial underwriting. “We help carriers improve customer engagement, underwriting productivity, and profitability,” he commented. “Our platform uses data science to eliminate paperwork, provide a holistic view of risks by analyzing a broad array of internal and external data sources, and score and prioritize commercial risks.”

Departing from Manual Processes

Phil Alampi, VP, Marketing, DataCubes.

DataCubes’ opportunity resides in the fact that much of commercial underwriting today is manual and without the benefit of data and analytics-driven decision making, according to Alampi. “This starts with manually entering application information, doing up to 80 additional Google searches for third-party information per application then trying to apply that information to the underwriting questions to determine if and for how much the risk should be quoted,” he said. “We automate all of that, taking a process that is usually days or weeks down to near real-time.”

The company currently has a what Alampi characterizes as a healthy and growing set of production clients, with many more piloting. “Insurers are able to offer world-class customer experience while realizing nearly 10x improvement in underwriting productivity,” he asserts. “In addition, we are able to implement in a live environment and empower the insurer to show results within eight weeks of completing initial planning.”

Staffing Up

Alampi told IIR that DataCubes is currently in growth mode. “We are staffing up the team significantly as we continue to realize our vision of empowering commercial P&C insurers to underwrite with as little information as possible,” he commented. “We will continue down this path with a focus on helping our customers optimize their businesses.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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