Corgi

What do they actually do

Corgi operates a full‑stack insurance carrier built for tech startups. It designs and underwrites commercial policies (e.g., general liability, directors & officers, tech E&O, and cyber), issues them directly on its website, and manages claims on its own platform—so it’s not just a broker Corgi homepage; InsurTech Digital.

Startups begin a quote in Corgi’s Startup Program, complete a short questionnaire, and—if eligible—receive instant quotes; others go through a brief underwriting review. After selecting coverages and limits, customers who bind get policy documents and a Certificate of Insurance immediately, and Corgi handles administration and claims on the same stack Morningstar/PR; Fintech.global; Kindred Ventures.

Public materials describe Corgi as “AI‑native,” using LLMs and automation to speed document processing, risk assessment (underwriting), and claims operations to make the experience fast and repeatable for startups Kindred Ventures; Today in AI.

Who are their target customer(s)

• Early-stage startup founders: They need an insurance quote and COI quickly to sign contracts or launch integrations, but broker-led processes can take days and block deals.
• Startup finance/operations leads: They manage renewals and vendor risk with annual, inflexible policies that don’t match a fast‑changing business and require manual adjustments.
• Product/engineering teams at tech startups: They must meet partners’ tech E&O/cyber requirements but struggle to get tailored coverage and proof fast enough to ship features or onboard customers.
• Insurance brokers/distribution partners serving startups: They face slow underwriting, document churn, and carrier handoffs that add time and friction to closing placements.
• Accelerators, VCs, and startup program managers: Portfolio companies need compliant insurance immediately for demos, integrations, or deals; delays in getting COIs create bottlenecks.

How would they acquire their first 10, 50, and 100 customers

• First 10: Founder‑led outreach to YC/accelerator alumni and warm VC intros; personally guide each founder through the online quote and guarantee a same‑day COI, using instant quoting as the conversion lever and capturing testimonials Corgi homepage; Morningstar/PR.
• First 50: Partner with accelerators/VCs to be a recommended provider (office hours, referral flows) and run targeted outbound to finance/ops leads with short demos showing instant COIs; codify early underwriting exceptions into an internal playbook.
• First 100: Add broker/distribution partnerships and self‑serve product/API hooks so teams can get embedded proof‑of‑insurance during onboarding or contract signing; offer clear partner economics and invest in the next layer of automation to keep turnarounds instant.

What is the rough total addressable market

Top-down context:

The U.S. P&C market is roughly $975B in direct premiums, but Corgi’s relevant TAM is the subset of commercial specialty lines (cyber, tech E&O, D&O, CGL) for startups/SMEs—collectively in the tens to low‑hundreds of billions globally; cyber alone is ~USD 16–21B in 2023–24 NAIC; Fortune Business Insights.

Bottom-up calculation:

Estimate SAM by multiplying the number of target startups in core geographies (tens of thousands) by average annual premiums per account (roughly $8k–$30k across cyber/E&O/D&O/CGL). This yields a low single‑digit billions range for a startup‑focused book, expanding as later‑stage tech and broader SME segments are added.

Assumptions:

• Initial focus on venture‑backed/tech SMEs in the U.S. and Europe (tens of thousands of target accounts).
• Average combined annual premium per startup for cyber, E&O, D&O, and CGL of ~$8k–$30k.
• Regulatory capacity and distribution allow gradual expansion from startups into larger tech SMEs over time.

Who are some of their notable competitors

• Coalition: Cyber‑first insurer bundling security tools with automated quoting; overlaps on cyber and tech E&O and data‑driven underwriting, though it is centered on cyber risk and prevention rather than a startup‑specific program.
• Corvus (Travelers): Data/AI‑driven cyber and tech E&O underwriter with strong broker distribution; overlaps on automated underwriting for technology risks.
• Embroker: Digital platform focused on startups selling packaged D&O, tech E&O, cyber, and more with instant quotes/COIs; operates more as a digital broker/MGA than a carrier.
• Next Insurance: Self‑serve digital insurer for small businesses offering instant quotes and COIs; broader SMB focus versus a startup‑specific offering.
• Hiscox: Established specialty insurer with online E&O/cyber products and fast quoting for small businesses; traditional carrier with wide distribution.