At Armory Square Ventures, we take pride in backing brilliant founders crafting software that reimagines traditional industries. Today, we’re thrilled to announce that we led an oversubscribed, $2.2M pre-seed funding round in Qumis, an AI-powered platform poised to revolutionize the property and casualty (P&C) insurance sector. Functioning as a savvy copilot for claims teams, brokers, attorneys, and risk professionals, Qumis offers an innovative approach to solving longstanding inefficiencies in insurance workflows.

Insurance is a cornerstone of modern commerce, yet many processes within the industry remain labor-intensive, opaque, and slow to evolve. Qumis aims to address this gap with a purpose-built, AI-enabled platform that streamlines complex insurance policy analysis, simplifies claim reviews, and enhances decision-making for brokers, carriers, and insured parties. The result?

Tedious tasks that historically took hours to complete can now be knocked out in seconds, delivering immediate and quantifiable ROI.

Dan Schuleman (left) and Shiv Sinha (right). 

Launched in early 2023, Qumis is the brainchild of Dan Schuleman, a seasoned insurance attorney, and Shiv Sinha, a technologist with an impressive track record in building scalable, customer-centric products. Their combined expertise bridges the gap between deep domain expertise and cutting-edge technology, making Qumis a standout vertical AI solution in the insurtech space.

Why We Invested

We evaluated Qumis against several criteria we believe are essential for success in enterprise software and insurtech. Here’s what stood out:

A Critical Market Need
The P&C insurance industry faces a looming talent shortage, with nearly 50% of its workforce expected to retire in the next fifteen years and the gen Z cavalry nowhere to be seen. At the same time, insurance brokers and carriers are under increasing pressure to differentiate their offerings and optimize workflows. Qumis addresses these challenges head-on, helping its customers navigate complex policies, reduce errors, and improve operational efficiency.

A Purpose-Built Platform
Unlike generalist AI tools, Qumis has been meticulously designed to tackle specific pain points in the insurance sector. Its platform includes:

• Policy Comparison: Streamlines the review of multiple insurance policies, offering side-by-side comparisons and actionable insights.

• Policy Chat: Empowers users to query uploaded policies, receiving context-rich responses with full citations.

• Claim Coverage Analysis: Facilitates rapid and accurate coverage determinations, generating draft reports and letters.

Early Validation and Traction
In just over a year, Qumis has secured paid pilots with five of the top fifteen insurance brokers in the U.S, as well as major commercial insurance companies and law firms. These partnerships not only validate the platform’s utility but also signal its potential for broad adoption across the sector.

Clear ROI
One of Qumis’ strongest selling points is its ability to deliver measurable efficiency gains. By reducing the time required for critical workflows, the platform frees up insurance professionals to focus on higher-value activities, driving customer satisfaction and loyalty.

Scalable Business Model
With a dual revenue stream—annual subscription fees and per-claim charges—Qumis is well-positioned to capture value as it scales. Its browser-based deployment ensures that customers can onboard quickly and with minimal disruption, a critical factor in an industry notorious for lengthy sales cycles.

Qumis’ total addressable market (TAM) is substantial, exceeding $45 billion globally, with immediate opportunities in high-complexity lines such as cyber insurance, directors and officers (D&O) insurance, and errors and omissions (E&O) insurance. Longer-term, the platform has the potential to expand into other regulated industries like healthcare and finance, further amplifying its impact.

Insurance may not be the flashiest sector, but it is foundational to the functioning of economies worldwide. With its focused approach, strong early traction, and ambitious product roadmap, Qumis is uniquely positioned to lead the charge in modernizing this old-school industry. We’re thrilled to be on this journey with Qumis and look forward to supporting them as they continue to redefine what’s possible in insurtech. Stay tuned for more updates.