The funding was led by Acrew Capital, with significant participation from Flourish Ventures, Fin Capital, Vera Equity, Endurance, and 1 Sharpe Ventures.
Established in 2022, Vellum’s analytics and data platform act as a vital link in the insurance value chain, seamlessly connecting Managing General Agents (MGAs), carriers, and reinsurers. The platform is designed to foster innovation and profitability by enhancing risk management and operational efficiency.
Leveraging the power of artificial intelligence and machine learning, Vellum’s platform efficiently processes and validates data generated by MGAs and reinsurance transactions. It also features an intelligence layer that supports real-time risk monitoring, actuarial and underwriting analytics, along with financial reporting for reinsurers and carriers.
Julianna Muir, former COO at Attune Insurance, and CEO of Vellum said the platform aims to revolutionize insurance analytics, offering a comprehensive and technologically advanced solution for the industry’s evolving needs.
Muir explained: “Changes in the frequency of catastrophic events, like those we have seen recently in Florida, California and Hawaii, are causing insurers to exit the market, leaving people and businesses with gaps in coverage. Vellum’s platform supports efforts to innovate in all insurance markets by bringing unprecedented transparency to the relationship between risk partners, building trust and increasing the profitability of and willingness to innovate of all parties.”
Sam Hodges, an investor in Vellum and CEO of Vouch Insurance. Commented: “I have experienced first-hand the often archaic data and analytics infrastructure that underpins much of the insurance and reinsurance market. I am tremendously excited by the potential Vellum’s platform has to transform how data and risks are managed by insurers and their capacity partners.”
“We have been looking for years to invest in companies that are disrupting the decades-old technology that governs how the insurance and reinsurance industry moves and analyses data.” said Lauren Kolodny, founder at Acrew Capital.
She added: “Vellum’s data and analytics platform, built specifically for the insurance industry, provides the modernized infrastructure that carriers, reinsurers and MGAs have been crying out for to be able to adapt and innovate in this environment.”
Author: Joanna England
