(Image source: DataCubes homepage.)
DataCubes, a startup billing itself as the first data science platform for the commercial insurance industry, has completed a Series A funding round of $2.5 million, led by Seyen Capital (Chicago) and MK Capital (Chicago). The company reports that the funding will be used to extend its platform capabilities to support additional lines of business and to scale sales and marketing efforts.
Kuldeep Malik, CEO and co-founder, DataCubes.
“DataCubes’ machine learning and AI technology is poised to completely change the way commercial carriers evaluate risk,” comments George Spencer, senior managing director, Seyen Capital. “DataCubes’ platform, coupled with the team’s deep technical knowledge and insurance experience, perfectly positions DataCubes to tackle this market opportunity.”
DataCubes asserts that its data science platform enables carriers to accurately quote commercial insurance policies by asking customers a few simple questions. Specifically, the DataCubes’ D3 platform improves the underwriting process by doing the following, according to the company’s description:
- Eliminating paperwork and automating underwriting with machine learning and AI.
- Providing a holistic view of risks by analyzing a variety of internal and external data.
- Prioritizing commercial insurance applications by using external data to score risks.
Harish Neelamana, Chief Product Officer, DataCubes.
“The commercial underwriting process is time-consuming, often inaccurate and frustrating for all involved—but it doesn’t have to be,” comments Kuldeep Malik, CEO and co-founder, DataCubes. “DataCubes harnesses the power of data science to bring unprecedented accuracy and efficiency to the underwriting process and help carriers realize greater profitability.”
DataCubes aims to serve an industry due for disruption, according to Harish Neelamana, Chief Product Officer, DataCubes. “The policy application process is cumbersome and intimidating for the average business owner and heavily intermediated,” he says. “DataCubes is the perfect solution to this problem, enabling carriers to challenge traditional intermediation, do away with mountains of paperwork and generate a quote by asking a few simple questions.”
DataCubes claims the ability to increase carriers’ customer satisfaction, underwriting productivity, and profitability. The company says it uses machine learning and AI to analyze previously untapped sources for insights, such as unstructured text and images, “DataCubes can pre-fill application information, enabling commercial carriers to provide customers with online quotes with as few as five questions,” a company statement says. “In addition, DataCubes Intake product has helped its customers improve underwriter productivity by 30 percent.”
Better Workflow, Greater Productivity, More Transparency
“Data science is well-suited to removing many of the worst inefficiencies in commercial insurance underwriting,” comments Mark Koulogeorge, managing general partner, MK Capital. “The DataCubes platform allows carriers to optimize workflow, increase productivity and bring greater transparency to the underwriting process.”