Bevel raises $6M to reimagine private risk management

As reported in The Insurer

Bevel Inc has raised $6M in venture capital from Shakti VC, Resolute, and Bessemer to reimagine the personal lines insurance brokerage. With a combination of AI-native technology and concierge-level service, Bevel is bringing the sophistication of wealth management to the world of personal risk.

Bevel started as an AI tool to help disaster survivors manage their claims process. More than 25% of survivors from the Palisades and Eaton wildfires used Bevel to piece together their inventory lists for carriers. But as the Bevel team dug into the world of insurance claims, they found that the problems existed before **the disaster.

“Ultimately, most people we served had misfit coverage,” said CEO Adam Freed. Freed’s childhood home was destroyed in the fires. “We saw the consequences firsthand in LA, and the pattern continues across the country. The larger the dwelling, the more gaps we find. Estimates suggest that 70% of the highest-value homes in America are underinsured.” Bevel’s model is built to identify clients with improper coverage and migrate them to carriers equipped for high-value risk.

Bevel now aims to be a property & casualty risk manager for personal home, auto, umbrella liability, and more – the ‘downside’ counterpart to a family’s wealth manager. Their team is developing new ways to identify, mitigate, and insure risks with a combination of technology and a high-touch service. They’ve hired software engineers – from Google, Microsoft, and other major tech companies – to sit side-by-side with their agents, clients, and carrier partners and solve the most painful moments of the insurance process.

“Risk management is a personal, relationship-driven business – and we believe it should stay that way,” said co-founder Wesley Gow. “Most agents have outdated tools and spend too much time on tasks that can be automated. Our AI eliminates back-office work and crafts bespoke risk analyses, so our agents can spend more time with clients. High tech, high touch.”

Bevel is already seeing a surge of demand, with a rapidly-growing waitlist for their services. The seed round includes checks from well-known high-net-worth investors such as Sheryl Sandberg (former COO of Meta), Deborah Quazzo (Managing Partner of GSV Ventures), Claire Johnson (former COO of Stripe).

While Bevel’s risk management service is a product only available to some qualifying households, the team remains committed to offering free AI tools to disaster survivor communities.