Crowell & Moring advised ReFocus AI, an insurtech leader in retention management software, with the successful closing of a strategic funding round led by Avondale Insurtech Ventures, a Chicago-based firm that focuses on insurance startups. ReFocus AI seeks to revolutionize the insurance industry by providing predicative analytics technology to help insurance carriers, brokers, MGAs, and independent agencies improve policyholder retention with efficient, automated solutions. The recent funding round included major investors, including Jetfile Technologies, and the 2024 Cohort of the FIRE Accelerator presented by Erie Insurance and ValueMomentum.
ReFocus AI plans to use the funding to advance its technology and scale operations to continue their mission of streamlining the insurance renewals process. Further automation of this costly and time-consuming process reduces administrative burdens on insurance providers, allowing them to focus on delivering exceptional customer service. ReFocus AI’s software helps insurance professionals identify which policy holders are most at risk of cancelling their accounts and can boost retention by up to 5%.
Crowell & Moring served as lead counsel to ReFocus AI in this transaction. The team included partnerJon O’Connell, counsel Justin Lurie, and associate Jonathan Camello.
