Qumis

Qumis

AI-powered policy analysis for insurance

Overview

Qumis provides an AI-powered platform for the insurance industry that helps brokers, claims leaders, attorneys, and risk professionals interpret and compare policy language more quickly and accurately. It uses a centralized Document Vault and a Prompt Library to organize and standardize reviews, with AI-assisted analysis that supports decision-making but requires human input. It differentiates itself with a strong focus on data security (private encrypted vault not used for training) and leadership with deep insurance and fintech experience, serving large U.S. brokers, specialty carriers, and insurance law firms. Its goal is to scale its AI capabilities and expand its customer base while continuously improving policy interpretation, claims handling, and underwriting through a trusted, knowledge-driven platform.

Significant Headcount Growth

About Qumis

Simplify's Rating
Why Qumis is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Data & Analytics

Enterprise Software

Cybersecurity

AI & Machine Learning

Company Size

11-50

Company Stage

Seed

Total Funding

$6.8M

Headquarters

Chicago, Illinois

Founded

2022

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Simplify's Take

What believers are saying

  • February 19, 2026 seed funding added $4.3 million, totaling $6.75 million.
  • July 21, 2026 self-serve certified agents expanded access beyond sales-led enterprise deals.
  • Qumis says demand is growing from large brokers, carriers, and coverage-focused law firms.

What critics are saying

  • Advocate Technologies launched August 4, 2026 with $18 million and self-serve pricing benchmarks.
  • Coverwatch raised $4.5 million on July 23, 2026, targeting coverage gaps and pricing.
  • If citation quality slips, brokers abandon Qumis for counsel-driven workflows by 2027.

What makes Qumis unique

  • Dan Schuleman’s coverage-law background and July 21, 2026 agent launch narrow insurance workflows.
  • Qumis serves five of the 15 largest U.S. brokers, plus carriers and law firms.
  • Private Compute and citation-backed outputs differentiate Qumis from generic document automation.

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Funding

Total Funding

$6.8M

Below

Industry Average

Funded Over

4 Rounds

Seed funding is usually the first official round after pre-seed, when a startup has a prototype or concept. It’s typically used to develop the product, test the market, and start building the team. Investors here are often angel investors or early-stage venture capitalists.
Seed Funding Comparison
Above Average

Industry standards

$3.3M
$2M
Netflix
$2.3M
Instacart
$3M
Robinhood
$4.3M
Qumis

Benefits

Health Insurance

Dental Insurance

Vision Insurance

Life Insurance

Disability Insurance

Health Savings Account/Flexible Spending Account

Unlimited Paid Time Off

Home Office Stipend

Hybrid Work Options

Professional Development Budget

Company Equity

Growth & Insights and Company News

Headcount

6 month growth

13%

1 year growth

13%

2 year growth

6%
Associated Press
Jul 21st, 2026
Qumis launches attorney-certified AI agents for commercial insurance coverage analysis

Qumis has launched attorney-certified AI agents for commercial property and casualty insurance. The Chicago-based coverage intelligence platform enables brokers, carriers, and claims professionals to analyse entire insurance programmes within minutes. The system deploys specialist agents across 16 lines of coverage, including cyber, directors and officers liability, marine, and workers' compensation. Each agent analyses its designated line in parallel before synthesising findings into citation-backed deliverables. Built by a licensed coverage attorney and AI experts, Qumis produces branded proposals, coverage checklists, and interactive dashboards. Each engagement runs on Qumis Private Compute, a dedicated secure environment isolated from other customers. The platform is used by five of the 15 largest US insurance brokers, alongside specialty carriers and law firms.

FinSMEs
Feb 19th, 2026
Qumis Raises $4.3M in Seed Funding

Qumis raises $4.3M in Seed funding. February 19, 2026 Qumis, a Chicago, IL-based provider of an attorney-trained AI platform for commercial insurance coverage intelligence, raised $4.3M in Seed funding. The round was led by MTech Capital, with new strategic investor American Family Ventures and participation from all prior investors. The raise brought the total amount to $6.75M. The company intends to use the funds to expand its go-to-market team and product capabilities as demand grows from large brokers, carriers, and coverage-focused law firms. Led by CEO Dan Schuleman, Qumis provides a platform that combines proprietary document processing with multi-stage legal reasoning trained on real-world coverage analyses. Every output includes source-linked citations, reasoning chains, and signals, so users can trust the answer and verify it when they need to. Insurance professionals use it to: * Analyze complex policy towers and identify coverage gaps before they become problems. * Compare quotes, binders, and endorsements across markets with structured, side-by-side intelligence. * Support claims coverage positions with reasoning. * Surface market trends and coverage patterns across their book of business. * Centralize institutional knowledge in a secure, private document vault. 19/02/2026

GlobeNewswire
Feb 19th, 2026
Qumis Raises $4.3M to Bring Attorney-Grade Coverage Intelligence to Commercial Insurance

Oversubscribed seed round led by MTech Capital with American Family Ventures as new strategic investor; total funding reaches $6.75 million...

Business Insider
May 14th, 2025
Qumis Unveils Major Platform Update to Modernize Insurance Policy Intelligence

Qumis unveils major platform update to modernize insurance policy intelligence.

Pulse 2.0
Feb 2nd, 2025
Qumis Raises $2.2M to Transform Insurance

Qumis, an AI platform for insurance knowledge work, raised an oversubscribed $2.2M pre-seed round led by Armory Square Ventures, with participation from MTech Capital, Grand Ventures, and others. The platform, founded in 2023, automates policy reviews and claims analyses, serving major US insurance brokers and law firms. The funding will enhance AI capabilities, product development, and customer expansion. CEO Dan Schuleman highlights the transformation of outdated insurance processes.

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