Quantemplate, the provider of self-service, cloud-based automated data services for the re/insurance industry, raised more than $12 million in its latest funding round.
Quantemplate said it plans to use the funding for three main areas, sales and marketing, and platform development.
The round was led by Route Sixty-Six Ventures and Transamerica Ventures, with participation from Anthemis Group, Allianz X, and Insight Catastrophe Group.
The London and New York-based insurtech startup also announced the general availability of its cloud-based data platform following successful deployment in the U.S. market, which was supported by a previous funding round of $3.3 million in December 2017.
Since Quantemplate’s launch in 2012, it has raised approximately $18 million to $20 million, a company representative said in an email.
Approximately 20 mid-sized and larger insurers in the United States and Europe are using the platform, the company said. According to the Quantemplate’s website, these include Aegon Blue Square Re (Aegon’s dedicated life and non-life reinsurer), AXA XL, Chubb, RenaissanceRe, SageSure Insurance Managers (the Jersey City, N.J.-based managing general agent and subsidiairy of Quantemplate investor, Insight Catastrophe Group, or ICG).
The capital will support further market growth of the company within key re/insurance verticals and accelerated development of the company’s product offerings.
Explaining “industry verticals,” Quantemplate said the platform is vertically agnostic and can benefit all areas of the re/insurance industry. Some of the areas the company is focusing on and have seen the most success include commercial property, specialty casualty and program business, said the company representative.
“We have also had success in other areas including life, construction and MGAs,” the representative added. “Quantemplate plans to grow across all segments of the re/insurance industry to help address the broader challenge of insurance data management.”
Quantemplate said its self-service, cloud-based platform provides re/insurers with intuitive access to the critical data that they need to make decisions, enable growth, identify new market opportunities and reduce costs. The platform utilizes machine learning for automated data ingestion, preparation and validation, creating real-time access to democratized data in a way that enhances scalability, productivity, and connectivity.
“One of the costliest and most strategic challenges facing the re/insurance industry today is bringing the insights from risk and transactional data to the consumers” David Lundgren, CEO of Quantemplate. “Siloed data sources bring incomplete partial pictures to the business and create slow, laborious, error-prone and expensive processes that do not scale, hindering insurers’ ability to be grow and be competitive.”
The company’s aim was to implement self-service capabilities ensuring ease of use so that all individuals within a company, not just specialists, can understand and gain insights that impact the bottom line.
“Quantemplate represents one of the few emerging companies focused on innovating the back-end and provide a technology that is easily deployed and benefits the customer almost immediately,” said Dan Dall’Asta, partner at Route Sixty-Six Ventures. “The Quantemplate solution is turning the data that re/insurance companies already have into actionable insights around risk, market views and modeling, making it possible to get through more business, make better pricing decisions and reduce costs using real-time data.”
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