MMC backs insurtech business Qumata, formerly HealthyHealth, in $10 million Series A
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 is well placed to bring much needed transformation to traditional life and health insurance underwriting, with a genuinely innovative data science led solution that is unique in the market. Oliver Richards, Partner at MMC Ventures “With a proven technology platform, a strong leadership team in place and ambitious plans for international growth, we are delighted to be part of this exciting journey.”
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.
“Insurers are increasingly embracing digital innovation, but there is still significant opportunity for further optimisation, particularly in the underwriting process. Our customers are already seeing significant benefits in using our technology to transform the traditional underwriting journey, and benefiting from higher conversion rates and improved underwriting outcomes.”Luca Schnettler, Group CEO at Qumata
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.
“We are also excited to announce our new brand. Since our founding in 2017, the business has evolved and built a strong presence in the insurance world. As Qumata, we are enabling insurers to unlock the wealth of human data in mobile devices and wearables - safely, securely and with full customer consent.”Luca Schnettler, Group CEO at Qumata
Read more on Qumata's story via UKTN.