Quantemplate, a London-based insurtech firm that specializes in machine learning data transformation and analytics, announced that David Lundgren has been appointed CEO and board director.
The company has also received £2.5 million (US$3.3 million) of new capital to accelerate its expansion plans. This follows revenue growth of 500 percent during the last 12 months, driven by multinational re/insurers that license Quantemplate’s technology solution.
Lundgren brings deep insurance industry and operational expertise from firms such as Allianz, CUNA Mutual, General Electric, and AgPro Exchange, said Quantemplate in a statement. He currently serves on the boards of Jewelers Mutual and Bunker.
“Quantemplate’s data transformation and analytics suite, powered by machine learning, gives our clients the tools to expand their business, cut costs and, most importantly, drive forward the digital transformation which is a strategic imperative for most insurers,” said Lundgren.
This year, he added, Quantemplate has “experienced a real shift in market momentum with leaders in the life and the P/C sectors, as well as major reinsurers, signing multi-year agreements with us.”
The latest capital commitment of £2.5 million from Columbia Lake Partners is in addition to fresh financial commitments from Quantemplate’s original investors: specialists in insurtech venture capital Route 66 Ventures and Anthemis, alongside insurance industry leaders TransAmerica Ventures and Allianz.
Quantemplate has received a total investment of over £10 million ($13.4 million) since its founding five years ago.
“Quantemplate has shown impressive traction in acquiring some of the world’s leading insurance companies as customers. The team has proven that they truly understand the needs of the insurance vertical, and Columbia Lake Partners is excited to be a part of their continued growth in the U.K. and Europe,” said Daniel Bull from Columbia Lake Partners, the firm’s newest capital partner.
Designed for re/insurers, Quantemplate automatically unifies the disparate types of data these companies have to process, solving issues of data integrity or compatibility through machine learning, the company said, explaining that traditional technologies and outsourcing have fallen short when faced with these problems.
By contrast, Quantemplate provides analytics to provide business insights around market opportunity, underwriting profitability, claims and fraud, and MGA (managing general agent) integration, the company added.
The firm plans to expand in the U.K., U.S., and European markets.