Qumis is an AI-powered platform that analyzes complex insurance policies, automating policy review, claims processing, and compliance for insurance professionals like brokers, claims teams, attorneys, and risk managers.[1][3][5] It solves the core problem of manually parsing dense, technical policies by combining generative AI with insurance law expertise, delivering fast, accurate insights such as policy comparisons, chat-based queries, and coverage analysis—reducing hours-long tasks to seconds.[1][3][4] Trusted by five of the 15 largest U.S. insurance brokers and leading carriers, Qumis has shown strong growth since its 2024 platform launch (with roots in 2022 founding and 2023 early launch), securing paid pilots turned long-term contracts and backing from investors like Grand Ventures and Armory Square Ventures.[1][2][3][4]
The company, based in Chicago with 12 employees, targets a $45B+ global TAM in high-complexity lines like cyber, D&O, and E&O insurance, using a scalable model with annual subscriptions and per-claim fees for quick ROI and easy browser-based onboarding.[3][4]
Qumis was founded in 2022 in Chicago by Dan Schuleman, a seasoned insurance attorney, and Shiv Sinha, a technologist experienced in scalable, customer-centric products.[1][4] The idea emerged from their firsthand frustration with insurance's manual workflows—dense policies that slow brokers, confuse clients, and complicate claims—prompting them to blend legal expertise with generative AI advances.[2][3]
Early traction came via close customer collaboration, converting paid pilots into long-term contracts with brokers, validating demand for broker-centric automation using workflows, case law, ML, and LLMs.[2] The full platform launched in 2024, building on an early 2023 version, and quickly gained trust from top brokers and carriers.[1][3][4]
Qumis rides the insurtech wave of vertical AI transforming regulated, document-heavy industries, where gen AI meets domain expertise to automate expertise-driven work amid rising policy complexity from cyber risks and layered coverage.[1][2][4] Timing is ideal: post-2022 AI boom enables "enterprise-ready" tools for insurance's $45B+ TAM, countering manual inefficiencies that plague brokers and claims in high-stakes lines like D&O and E&O.[3][4]
It influences the ecosystem by setting standards for legal-grade AI in insurance operations, enabling faster client outcomes, risk reduction, and scalability to adjacent sectors like healthcare/finance—while brokers/carriers focus on value-add activities amid talent shortages.[2][3][4]
Qumis is poised to dominate insurance AI with its domain-tuned platform, expanding from core policy analysis to full coverage infrastructure via gen AI innovations.[3][4] Upcoming trends like multimodal AI and regulatory tailwinds for insurtech will accelerate adoption, potentially growing via international expansion and adjacent verticals.[4]
As a 2022 startup with rapid broker traction, Qumis exemplifies how attorney-technologist teams can redefine "understanding the policy," unlocking insurance's promise of clear, efficient protection—and solidifying its edge in a $45B market.[1][2][4]
Qumis has raised $2.0M in total across 1 funding round.
Qumis's investors include Also Capital, Alumni Ventures, Caffeinated Capital, Daft Capital, Founders Fund, Lux Capital, Paradox Capital, Saga, Stellar Capital, The Hit Forge, Virginia Venture Partners, Austin Ogilvie.
Qumis has raised $2.0M across 1 funding round. Most recently, it raised $2.0M Seed in January 2025.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Jan 1, 2025 | $2.0M Seed | Also Capital, Alumni Ventures, Caffeinated Capital, Daft Capital, Founders Fund, Lux Capital, Paradox Capital, Saga, Stellar Capital, The Hit Forge, Virginia Venture Partners, Austin Ogilvie, Joao Otavio Oliverio, Justin Mateen, Mattia Astori, Sahin Boydas, Sohila Zadran, Vineet Jain, William Miller |
