DataCubes, a Schaumburg insuretech startup working to simplify the underwriting process, rebranded on Tuesday as it aims to better convey its purpose.
Now known as Convr, the startup says its new name stands for "convergence," which reflects the company’s mission of combining technology and decision-making to enable underwriting decisions.
“Building on the success of DataCubes, Convr will continue to provide its advanced technology and exceptional client service focus that customers have grown accustomed to,” said Harish Neelamana, Convr’s co-founder and president, in a statement. “As we continue to grow and innovate, the name Convr best represents our vision of empowering commercial P&C insurers through decision science.”
Founded in 2016, Convr has created a platform for insurance companies that allows them to make underwriting decisions more quickly based on risk data. Convr can process submission PDFs, scans and other forms of unstructured data using machine-learning.
The end-to-end underwriting platform provides valuable data and insights that inform insurance decisions, as well as automates manual tasks that otherwise, underwriters would have to spend time doing.
Last year, the startup raised $15.2 million in a Series B round led by Palm Drive Capital, a New York-based venture capital and growth equity fund that invests in software and internet companies. To date, Convr has raised $18.2 million.
Convr employs more than 50 people at its Schaumburg offices and is currently hiring for positions in its engineering department, according to its website.
