The startup offers an automated surety underwriting platform that utilizes advanced algorithms to analyze construction-related risks and streamline the underwriting process. This technology enables insurance buyers to bypass traditional application procedures, effectively transferring construction risk with minimal friction and cost.
Funding
$4.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
The traditional process of obtaining contract surety bonds is often complicated and time-consuming, involving extensive applications, documentation, and back-and-forth communication, creating friction for contractors and their agents. This complexity stems from the difficulties in accurately assessing construction-related risks.
Solution
InRev offers an automated surety underwriting platform that streamlines the process of obtaining contract surety bonds by using advanced algorithms and third-party data to analyze construction-related risks. The platform provides agents and brokers with instant access to surety bonds up to $2.5 million, automating the quote, bind, issue, and manage functions. InRev's technology can be accessed directly by agents/brokers or embedded into construction tech platforms via API or an embeddable UI. The platform's underwriting mesh objectively assesses submissions, while sensitive client data is protected with industrial-grade data privacy measures, including encryption and a zero-trust privacy vault.
Target Audience
The primary users are insurance agents and brokers seeking to quickly obtain contract surety bonds for their contractor clients, as well as construction tech platforms looking to embed insurance offerings into their existing services.
Features
- Automated underwriting for contract surety bonds up to $2.5 million single bond / $5 million aggregate account limits
- Algorithm-based underwriting using advanced process automation and third-party data
- API and embeddable UI options for integration into tech platforms
- Instant quote, bind, and issue capabilities, available 24/7
- Industrial-grade data privacy with encryption in transit, at rest, and in memory
- Zero-trust privacy vault with fine-grained data governance
- Objective underwriting models that provide consistent decisions