We’re delighted to have led Quamata’s Series A funding round and to be supporting its journey to transform the life and health insurance underwriting journey through digital data.
With increasing levels of data available about individual health and wellbeing through mobile devices and wearables, there is a rich universe of insight that insurers can gain on the lifestyle and health of applicants, enabling the latter an easier and more convenient buying process.
Qumata’s API solution is integrated by insurers across multiple distribution channels, ranging from tied agents to independent intermediaries and online channels. This unique solution allows life and health insurance applicants to share their digital health data instead of having to complete time-consuming questionnaires or invasive medical exams.
Once consent is provided by the applicant, their data is analysed to predict applicants’ risk of developing medical conditions classified among hundreds, and to assess the risks typically rated by insurers to derive their commercial premiums. This simple, innovative API solution can replace traditional questionnaires, with demonstrated advantages for insurers, which can experience higher conversion rates, more accurate risk selection, as well as cheaper and automated underwriting.
The new funding will help accelerate global expansion of the current offering, after launching the product commercially with multiple large, listed insurers in Europe, Asia Pacific, the UK and North America. As part of this growth journey, the business is also transitioning to a new brand, Qumata.
Read more on Qumata’s story via UKTN.