November 14, 2019
xx min read

DataCubes Raises $15.2 Million in Series B Funding Round

Funding to enable the insurtech startup to accelerate the insurance industry’s adoption of its AI-driven underwriting decisioning platform, grow its team and accelerate R&D.

Funding to enable the insurtech startup to accelerate the insurance industry’s adoption of its AI-driven underwriting decisioning platform, grow its team and accelerate R&D

CHICAGO (November 14, 2019) - DataCubes, a leading underwriting decisioning platform for U.S. commercial property and casualty (P&C) insurers, today announced the close of a $15.2 million funding round led by Palm Drive Capital.

DataCubes uses machine learning and artificial intelligence to analyze a broad array of information sources, including semi-structured insurance submissions and over four billion objects in its data lake. Using these capabilities, DataCubes’ d3 Underwriting™ software platform empowers commercial insurers to optimize their underwriting workflow processes for SMB and middle market risks in all standard commercial and specialty lines of business.

This latest round of funding will support DataCubes’ investment in research and development as well as help expand the team, adding 50 new employees in 2020, to further support its growing clientele of commercial insurers, which includes The Hanover, Selective Insurance, RLI, Columbia Insurance Group, Penn National Insurance, Tangram, WCF Insurance and Synergy Coverage Solutions among dozens more that have not yet been publicly announced.

“The old way of underwriting risks is a drain on both a carrier’s resources and the customer experience it is able to provide,” said Kuldeep Malik, CEO and co-founder, DataCubes. “This round of funding will give us a boost to support the demand we are seeing from the underwriting community to fix inefficiencies and drive better expense and loss ratio results.”

The Series B funding round, which was led by Palm Drive Capital, included participation from Altos Ventures, NFP Ventures, Stage 2 Capital, MPK Equity Partners and existing investors including Seyen Capital and MK Capital. In total, DataCubes has raised nearly $18 million in less than three years.

Nick Hsu, partner at Palm Drive Capital and member of DataCubes board of directors added, “DataCubes’ rapid growth is a testament to the fact that there is a better way to underwrite commercial P&C risks. Carriers that continue to do business as usual, will lose out to the modern carrier who will operate faster, more accurately and at a reduced cost.”

About Palm Drive Capital

Palm Drive Capital is a New York-based venture capital and growth equity fund that invests in leading software and internet companies with a US focus. Since their launch in 2014, they’ve espoused the notion that innovators are everywhere. They also believe that the most successful founders are visionary and principled. Palm Drive has a unique combination of strong Silicon Valley roots and New York financial discipline. In addition to its investments on the West Coast, Palm Drive has a presence in emerging US tech centers including the Northeast, the Midwest, and the South. With backing from top entrepreneurs and institutions, Palm Drive also has an expansive and differentiated network that spans across the United States, Europe, South America and Asia. Portfolio companies include Carta, Clover Health, Rappi, Jet.com, and Boom Supersonic. For more information, please visit palmdrive.vc.

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XX MIN READ

New Convr Survey Reveals a Confidence Gap in Commercial P&C: Carriers Are Adopting AI Faster Than They Can Build a Strategy for It.

CHICAGO (June 2, 2026) — Convr®, the leading AI underwriting workbench purpose-built for commercial P&C insurance, today released findings from its 2026 Convr Insurance Talent and Tech Trends Survey, revealing a striking gap between how quickly carriers are adopting AI in underwriting and how confident they are in the strategy guiding that adoption.

The survey of 211 commercial insurance professionals — including a majority at the leadership, vice president, and executive levels — found that AI adoption in underwriting is accelerating across the industry, yet strategic clarity is lagging.

The pace of adoption is undeniable:

  • 89.5% of respondents expect more underwriting tasks to be automated in the coming years
  • 70.6% delivered new AI underwriting tools to their teams in 2025
  • 65.9% plan to deliver additional AI tools in 2026
  • 53.6% have AI deployed in at least one production underwriting workflow

But strategic confidence has not kept pace:

  • Only 20.4% of leaders are "highly confident" their organization has a clear, actionable AI strategy for underwriting
  • More than 40% rate themselves in the bottom half of the confidence scale
  • 56.9% describe their organizational culture toward AI as "cautiously open — interested but wanting proof before commitment"
"The industry has crossed a threshold," said John Stammen, Chief Executive Officer at Convr. "AI in commercial underwriting is no longer a question of whether, but a question of how. What our survey reveals is that while carriers are moving quickly to deploy AI tools, many are doing so without the strategic framework to ensure those investments deliver lasting business outcomes.”

That gap between adoption and strategy is the single biggest risk facing commercial P&C leaders today, and it's also the biggest opportunity. The carriers who close it first will define the next decade of underwriting, according to Stammen.

The survey also surfaced the operational realities driving urgency around AI adoption. Respondents pointed to manual data entry (35.1%), dated and legacy technology (27.5%), and too many submission data sources (24.6%) as the leading factors slowing underwriting at their companies today. Meanwhile, 63% of carriers operate on hybrid technology environments — a legacy core with cloud-based tools layered on top — underscoring why a unified, AI underwriting workbench has become a strategic imperative rather than a nice-to-have.

Stammen noted that beneath Convr’s underwriting workbench is a data-first architecture purpose-built for commercial underwriting, not an AI layer bolted onto legacy systems. At its core is Convr’s Risk Context Engine, a unified intelligence framework that connects structured and unstructured submission data, business logic, and AI models into a single source of truth, grounding AI decisions in real underwriting context rather than generic output. Powering the engine is Risk 360, Convr’s proprietary insurance data lake, with 10 years of historical underwriting data continuously enriched by more than 2,500 public and private sources and 785 million data points on 87 million companies. Together, they give carriers what point AI tools cannot — a strategic foundation that turns AI adoption into repeatable, measurable underwriting outcomes.

When asked what would most benefit their underwriting teams, respondents pointed to AI tool training (47.4%), pre-screened and enriched submissions (46.9%), and simplified access to data (45.5%) — all areas where Convr's modular workbench is actively helping carriers close the strategy-to-execution gap today.

"Strategy without execution is theory. Execution without strategy is chaos," said Stammen. "Convr was built to give carriers both a clear path from where their underwriting operates today to where it needs to be tomorrow."

About the 2026 Convr Insurance Survey

The 2026 Convr Insurance Survey was conducted in April and reflects responses from 211 commercial insurance professionals working in property and casualty, with strong representation from leadership (35.1%), VP/Executive (37%), and management (42.2%) roles across carriers, MGAs, brokerages, and specialty markets.

For more information, visit convr.com.

XX MIN READ

Convr® Expands Extensive Partnership Lineup

CHICAGO (May 28, 2026) – Commercial underwriters using Convr® now have access to a significantly expanded partner ecosystem. Convr continues to add new third-party data, software and integration partners to support our customers’ unique workbench applications.

New to Convr’s  growing partner ecosystem are:

  • Guidewire Technology Alliances Growth
  • Coherent
  • Swiss Re CatNet®
  • Swiss Re Property Data Services (PDS)
  • Exavalu
  • Property Guardian
  • And more
"Convr’s ability to plug in third-party data and software partners is incredibly beneficial for customers,” said John Stammen, Chief Executive Officer at Convr. “Our extensive partnerships and pre-plumbed connections enable both comprehensive capabilities and quick time to value."

The Convr AI Underwriting Workbench powered by a commercial P&C Risk Context Engine continues to lead innovation in the commercial insurance underwriting space. The expansion of our partner relationships showcases our dedication to unlocking even more performance improvements for customers now and into the future.

The expanded partner ecosystem reflects a broader shift in how commercial underwriting is done. As carriers, MGAs, and brokers face mounting pressure to write more business without growing teams, we help define a viable solution for processing a submission in minutes versus days – increasingly the winning characteristic for business. Convr's partner integrations combined with its AI-native workbench and underlying Risk Context Engine give underwriters the data and tools they need at the moment of decision, not after the submission has gone cold.

Insurance organizations interested in learning more can visit convr.com or contact their Convr representative.

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XX MIN READ

Convr® Strengthens Customer Experience Team with New Vice President Hire

CHICAGO (April 28, 2026) – Convr®, the leading artificial intelligence (AI) company serving commercial insurance organizations with its modular underwriting workbench announces the hiring of Jason Allen as Vice President, Customer Experience.

In this role, Allen will lead Convr’s Customer Success Services and Customer Support teams, driving strong adoption, support and advocacy across Convr’s customer base. With a strong strategic focus, Allen will further strengthen the bridge between Convr’s cutting-edge AI technology and customer requirements for the Convr Underwriting Workbench. He will partner closely with Business Development, Product and Executive Leadership to align roadmap, go-to-market strategy and customer feedback.

Allen has extensive experience driving business value with AI-powered operating systems that improve efficiency, as well as a proven track record of client success driving accelerated time-to-value. Most recently, he served as Senior Vice President, Global Customer Experience, for Aprimo, the enterprise Marketing Technology organization serving regulated and non-regulated industries. For nearly 10years with increasingly responsible roles, Allen delivered an end-to-end customer lifecycle operating model spanning onboarding, adoption, renewals and expansion, focused on customer efficiency with executional discipline for improved customer outcomes and engagement.

Prior to his time at Aprimo, Allen served as Vice President of Professional Services and Solutions Sales at Teradata. Earlier in his career, he served as a managing consultant at Ernst and Young/James Martin and Company focused on operational excellence.

Jason’s expertise in enterprise AI SaaS systems, automation, and program implementation will help Convr’s clients more readily achieve and demonstrate industry-leading growth and efficiency.

Allen has an Master of Business Administration from The University of Chicago Booth School of Business and a Bachelor of Science degree from Indiana University’s Kelley School of Business. He and his family live in Indiana.

Look for him soon at online and in-person events demonstrating his strong commitment to customer success at Convr. Learn more about Convr at convr.com.

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