Insuretech agency Qumata’s prolonged Sequence A spherical hits $23M

Qumata, an insurance coverage expertise firm based mostly in London and Hong Kong, has acquired $13 million extra in its prolonged Sequence A funding spherical which has now reached $23 million in whole.

Following the preliminary spherical final yr in June, a number of current traders, together with MMC Ventures which led the financing occasion, pledged extra involvement with the corporate within the current extension.

WHAT IT DOES

Based in 2017, the corporate – previously often known as ​​HealthyHealth – provides an underwriting resolution for all times and well being insurers that replaces the cumbersome means of analysing an insurance coverage shopper’s dangers which generally contain medical examinations and lengthy questionnaire kinds. 

Its API, built-in into insurers’ distribution channels, seeks an insurance coverage applicant’s consent to make use of their well being knowledge, which is then analysed to foretell their danger of prognosis for over 800 medical situations. It additionally assesses their extra-mortality and extra-morbidity, that are rated by insurers to give you their premiums. 

The insuretech agency touts some advantages of its automated underwriting resolution, comparable to greater conversion charges and extra correct danger choice.

WHY IT MATTERS

The earlier funding spherical has helped Qumata speed up its international enlargement after signing with massive listed insurers in Europe, Asia-Pacific, the UK, and North America. 

The newest extra funding, the corporate mentioned, will enable it to give attention to increasing its footprint throughout Asia and the UK. 

MARKET SNAPSHOT

Final yr noticed some insuretech corporations in APAC attracting investments for his or her continued progress. One among them was India-based Onsurity, which bagged $16 million in a Sequence A spherical. The corporate provides an worker advantages platform for SMEs and startups which contains group medical insurance, reductions on medicines and well being checkups, health rewards, physician consultations, and others. 

The Chinese language agency Waterdrop, which operates an insurance coverage market and a medical crowdfunding platform, made its debut on the New York Inventory Change the place it raised $360 million.

In different information, Qumata’s prolonged Sequence A spherical adopted the signing of its partnership with the AIA Group, one of many largest listed life insurance coverage teams in Asia, in December.

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