Deep Vector, an AI platform for analyzing underwriting documents, secured its seed round of $1.5M, co-led by Aperture Venture Capital and InsurTech NY.
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Deep Vector helps insurers and brokers translate the influx of analog documents used for underwriting risk—claims loss runs, Acord forms, motor vehicle records, and business records—into usable and actionable data.
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Previously known as Loss Scan, Deep Vector uses a proprietary algorithm along with machine learning to identify unique document types from a library of more than 5,600 different format types specific to each insurance carrier’s analog & digital forms. Once identified, Deep Vector processes & translates the documents into useable data into the most useful forms used by carriers, brokers, actuaries and risk managers for use in underwriting, claims analysis, evaluation and analytics.
“Insurers have little incentive to make their loss run and claims analysis process easier because it is simply a cost center,” said David Gritz, Managing Director at InsurTech NY. “Deep Vector bridges the gap between the insurance broker and underwriter for complex commercial accounts and saves thousands of hours analyzing accounts.”
Deep Vector seeks to become the default translation layer for insurance data extraction. More than 30 of the top 100 insurance brokerages and many more carriers, underwriters, MGA’s and brokers have already transformed their operations with Loss Scan. The rapid adoption by industry leaders shows that Deep Vector isn’t just innovative – it’s delivering real results for the most demanding organizations in insurance.
“We are excited about the growth prospects for Deep Vector,” said Garnet Heraman, General Partner at Aperture VC. “The insurance industry is the largest data repository for business. Deep Vector can unlock that data for better risk modeling, resource management and ultimately, better customer experience.”
Founders Scott Knowles and Wesley Janse van Rensburg understand the market. Knowles started his career as a commercial insurance broker and most recently both of them sold their insurance analytics business, Modgic, to Zywave.
“Deep Vector’s product Loss Scan breaks down the barriers that have locked away valuable claims data for decades. By automating the extraction of information from complex loss runs, we’re giving insurance professionals access to insights that were previously buried in PDFs and spreadsheets. It’s not just about saving time – it’s about unlocking data that transforms how underwriters assess risk and brokers serve their clients.” said Scott Knowles, co-founder of Deep Vector. “Only with the power of Deep Vector can brokers shift their time to true risk management and advisory instead of paperwork processing. By automating the tedious task of manual data extraction, we’re liberating insurance professionals to focus on what really matters – analyzing risks and providing strategic guidance to their clients.”
The Deep Vector will showcase its breakthrough technology next at the InsurTech Spring Conference on April 2-3 at Pier 60 in NYC.
About Deep Vector
Deep Vector leverages cutting-edge technology and advanced proprietary algorithms to extract data with unparalleled accuracy in a matter of seconds from highly complex documents. While the company initially specialized in the insurance industry with its product Loss Scan—particularly in processing the thousands of variants of Insurance Loss Runs—its capabilities extend far beyond this sector. The platform’s versatile engine can readily adapt to any document type or industry, positioning Deep Vector for rapid expansion into new markets. This industry-agnostic approach creates boundless opportunities, with planned expansion into finance, healthcare, and government sectors.
