The Story of Aclaimant: Building the Future of Risk Management Software

Sometimes the best startup ideas come from unexpected places – like a conversation with your girlfriend’s father. In a recent episode of Category Visionaries, David Wald shared the unlikely origin story of Aclaimant, a company that’s revolutionizing how mid-market companies manage risk and safety.

A Family Affair

“Our founding story always cracks me up,” David recalls. Before Aclaimant, he was working as a VC when his girlfriend’s father, Michael Schultz, approached him with an idea. “He has been part of agencies and carriers and TPAs and all the things that make the world go around in the insurance space. And a long time ago, when I was just dating his daughter, who’s now my wife, he approached me with this idea for an app.”

David’s initial reaction was understandable skepticism: “Oh, my God, what could possibly go right with me starting work to work with my girlfriend’s father?” But Michael’s persistence and industry expertise eventually won out. Along with Joel Friedman, who would become CTO, they began working on the project nights and weekends.

The Pivotal Moment

What started as a side project quickly gained momentum. “Six months into working this, we had a chance to pitch three huge companies: Kelly Services, CNA and the Navy,” David shares. “And out of nowhere, nights and weekend project for six months, all three companies said, this is great. Let’s get it in procurement.” That was the moment Aclaimant was truly born.

The founding team brought a unique combination of perspectives: Michael’s deep insurance industry expertise, David’s venture capital background, and Joel’s technical capabilities. What they lacked in risk management technology experience, they made up for in determination and ability to learn quickly.

Evolution and Market Recognition

The company’s growth from those early days has been remarkable. Today, Aclaimant works with approximately 10,000 organizations across North America, ranging from small businesses to major enterprises like Caesars Entertainment and Carvana. They’ve built a team of 40 employees and established themselves as a significant player in the Risk Management Information Systems (RMIS) space.

What makes Aclaimant’s story particularly interesting is how they identified an underserved market segment. While traditional RMIS providers focused on enterprise clients, Aclaimant saw an opportunity to serve mid-market companies facing increasingly complex risk management challenges.

The Democratization of Risk Management

The past few years have validated Aclaimant’s vision. As David explains, recent global events have dramatically increased the need for sophisticated risk management tools: “The past five years alone. Pick your poison. COVID, supply chain, severe weather, political instability, you name it, rising amounts of people working, remote wages going up. All these things make it a lot more difficult and potentially risky to run businesses.”

These challenges aren’t just affecting major corporations anymore. They’re impacting businesses of all sizes, from “your 100 person almond farmer or your 75 person construction firm.” This democratization of risk has created an opportunity for Aclaimant to bring enterprise-grade risk management capabilities to the middle market.

The Road Ahead

Looking to the future, Aclaimant’s vision is bold but focused. “I am so excited about where the RMIS space is headed, and I’m so excited about where we’re positioned in a way that I haven’t felt in probably a couple of years,” David shares. The company aims to “catalyze the next 100,000 companies that want to get into RMIS.”

This vision extends beyond just adding more customers. As David explains, “We really want to kind of catalyze the next 100,000 companies that want to get into RMIS, and so I believe we can establish ourselves as the preferred choice of the middle market buyer who wants to become safer and wants to kind of help manage risk of their organization.”

From a father-in-law’s app idea to a platform serving thousands of organizations, Aclaimant’s journey demonstrates how identifying an underserved market segment and consistently executing on a clear vision can lead to significant impact. As more mid-market companies face increasing risk management challenges, Aclaimant is positioned to help them navigate these complexities with enterprise-grade tools tailored to their needs.