Qumata, an insurance coverage expertise firm based mostly in London and Hong Kong, has obtained $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 buyers, together with MMC Ventures which led the financing occasion, pledged extra involvement with the corporate within the latest extension.
WHAT IT DOES
Based in 2017, the corporate – previously often called HealthyHealth – affords an underwriting answer for all times and well being insurers that replaces the cumbersome means of analysing an insurance coverage shopper’s dangers which usually 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 information, 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 provide you with their premiums.
The insuretech agency touts some advantages of its automated underwriting answer, similar to greater conversion charges and extra correct danger choice.
WHY IT MATTERS
The earlier funding spherical has helped Qumata speed up its world growth after signing with huge listed insurers in Europe, Asia-Pacific, the UK, and North America.
The most recent further funding, the corporate mentioned, will enable it to concentrate on increasing its footprint throughout Asia and the UK.
Final yr noticed some insuretech firms in APAC attracting investments for his or her continued development. Certainly one of them was India-based Onsurity, which bagged $16 million in a Sequence A spherical. The corporate affords an worker advantages platform for SMEs and startups which includes 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.