Qumis provides attorney-trained AI solutions specifically designed for the insurance industry. This platform streamlines complex insurance policy analysis for brokers, claims leaders, and risk professionals by automating manual work and reducing errors. The technology delivers legal-grade reasoning to accelerate claim assessments, enhance quote evaluations, and ensure consistent, defensible decision-making.
Funding
$2.5M 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
Insurance claims teams, brokers, and attorneys face challenges in efficiently extracting relevant information from complex insurance policies. Manual policy reviews are time-consuming, leading to increased legal spend and extended claims cycle times. This can hinder timely decision-making and increase the risk of errors.
Solution
Qumis offers an assistive-AI platform powered by its Cortex AI engine to streamline insurance policy analysis. The platform enables users to quickly extract relevant information for claims and compliance purposes, automating policy reviews and significantly reducing the time required for analysis. By providing organization-wide access to knowledge, Qumis facilitates faster placements, reduces legal spend by minimizing reliance on outside counsel, and decreases claims cycle time by rapidly identifying key information within policies. The platform also enhances training for new team members and mitigates extra-contractual risk through improved accuracy and consistency.
Target Audience
The primary users are insurance claims teams, brokers, attorneys, and risk professionals who handle complex insurance policies.
Features
- Cortex AI engine designed for complex insurance policy review
- Policy Chat: AI-powered assistant to answer questions about policies and claims
- Policy Comparison: Compares policies and generates detailed reports
- Claim Coverage: Automatically determines if a policy covers a complaint
- Precedent Search: Instantly displays matching documents for highlighted policy text
- Secure document storage with ISO27001, SOC 2, and SOC 3 certified cloud service provider
- Corpus of continually updated documents with new court filings