Qumata, a global leader in tech solutions transforming the insurance industry ecosystem with a disruptive machine learning and artificial intelligence (ML/AI) underwriting solution, has announced an extension to its Series A round of funding to US$23 million.
The latest funding is testament to Qumata’s solid growth plans for global expansion with the addition of a new key investor to the latest round. A number of the firms participating in this round are extending their initial involvement with Qumata, including continued investment by MMC Ventures, thus demonstrating confidence in the management team, the strategic direction of the business and is in line with the digitalisation trend that is impacting the overall insurance industry.
Luca Schnettler, Co-founder, and CEO of Qumata said, “The range of existing and new investors is a fantastic endorsement of both our strategy and the global applicability of the solutions we provide to solve a need in the market. This extended funding will give us the ability to focus upon growth in both Asia and in the U.K. We have been expanding the team to support this and signing new partnerships in the region, such as the recently announced involvement with AIA Group, Asia’s largest pan-Asian Life Insurer.”
This extended funding announcement comes on the back of the firms signing an agreement recently with AIA Group Limited (1299.HK) to provide services across Asia. Qumata’s solutions support the acceleration of the digital transformation of the life and health insurance industry, with Asia being at the forefront of this change.
Qumata (formerly known as HealthyHealth), a global company transforming the insurance industry ecosystem with a machine learning and artificial intelligence (ML/AI) underwriting solution, entered into an agreement to provide its services across Asia to AIA Group Limited (1299.HK), the largest independent publicly listed pan-Asian life insurance group.
The agreement will enable AIA to incorporate Qumata’s ML/AI underwriting solution in its markets across the region. This has already been deployed in AIA Korea. The solution will be available through several distribution channels, covering agency, bank partners as well as online channels.
Qumata is transforming the traditionally long and sometimes cumbersome process of underwriting, usually conducted through long questionnaires and medical exams, for life and health insurers. Once Qumata’s solution is integrated into an insurer’s backend system, it will allow insurance policy applicants to connect their activity data recorded through smartphones and wearable devices to the insurer’s systems. The solution will perform risk assessment on policy applications in a much shorter timeframe than traditional assessments, including the risk of diagnosis for over 800 conditions. This saves hours on the application process, creates efficiencies for the insurer and a seamless and secure experience for applicants.
Luca Schnettler, Co-founder and CEO of Qumata, said, “The agreement with AIA is another powerful milestone in the acceleration of the digital transformation of the life and health insurance industry. Asia is at the forefront of this trend, and we are honoured to be working closely with AIA.”