Qumata distinguished as one of the global Insurtech 100; highlights SCOR validation

by Luca Schnettler
 on 28 Oct 2021
3 min read

Qumata is honoured to have been included in the Insurtech 100 listing. 2021. The INSURTECH100 is an annual list of 100 of the world’s most innovative InsurTech companies selected by a panel of industry experts and analysts following very strict criteria. These are the companies every leader in the insurance industry needs to know about as they consider and develop their digital transformation strategies.

Qumata’s profile in Insurtech 100 includes a case study of its partnership with SCOR which is particularly interesting as SCOR validated Qumata’s solution after running an in-depth trial and has gained enough confidence to now allow insurers to roll out Qumata’s underwriting system with the knowledge that SCOR will be willing to reinsure the risk.

Qumata (formerly known as Healthy Health) has offices in London, Hong Kong, Shanghai, Tokyo & Singapore and is focused on transforming underwriting for life and health insurers, retaining the same level of accuracy, whilst improving customer experience and helping insurers realise new revenue opportunities. Qumata uses digital data to calculate the risk of diagnosis for over 800 conditions, along with Extra Mortalities and Morbidities, saving applicants hours filling out long questionnaires or visiting the doctor.

The insurance industry is facing deep, structural, systemic challenges and undergoing profound changes resulting from digital innovation and transformation in all the components of the ecosystem: insurers, re-insurers and distribution.

The insurtech ecosystem benefits from a much more collaborative approach than other tech-driven sectors such as the fintech one. It strives, in collaboration between insurers/reinsurers and innovators, to modernise traditional processes that have for the most been unchanged for a very long time, such as underwriting.

The deep transformation resulting from digital innovation is pushing incumbent market players to reach out to the innovative agility of insurtech businesses whilst the latter need access to the insurers’ customer base, extended reach and financial strength. This facilitates a more collaborative and cooperative approach between the different parts of the ecosystem.

In this framework, data-based technologies and the new business models that use them are opening the door to mutually beneficial partnerships among major insurers, reinsurers and insurtech businesses. These partnerships allow all parties to adapt better to new customer demands and behaviours and are transforming underwriting in insurance. They make insurers and reinsurers more efficient and faster which in turn improves their reputation with their customers. Furthermore, they allow more immediate and streamlined underwriting and cater for cost reduction for market players.

As it is described in more detail in the case study published in the Insurtech 100 listing, one such example is the partnership that was struck up between Qumata and SCOR in 2021. Qumata is benefiting from SCOR’s expertise as an industry leader and SCOR is benefiting from Qumata’s innovative, tech-driven approach to underwriting life and health insurance.

SCOR is one of the world's largest reinsurers and provides its clients with a diversified and innovative range of solutions to control and manage risk. SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk, particularly in the Life & Health segment. As a leader in reinsurance with a priority in simplifying the customer journey through innovation, SCOR is an ideal new partner for Qumata, and their partnership could set a high standard for other similar partners within the Life & Health insurance and reinsurance ecosystem.

Qumata is proud to have been selected as one of the global Insurtech 100 and vindicated by the trust and validation of our data-driven, digital underwriting solutions by our reinsurance and insurance partners around the world.

The best is yet to come and Qumata's Insurtech100 selection is the shape of things to come!

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