The firm looks to drive growth in UK and Asia with new funding, while participating global investors also include a number of those extending their initial involvement.
16 February 2022, Qumata has publicly announced an extension to its Series A round of funding taking it up to US$23 million. This will help drive the company towards becoming a global leader in tech solutions as it continues to transform the insurance industry ecosystem with a disruptive machine learning and artificial intelligence (ML/AI) underwriting solution.
The latest funding is testament to the quality of 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. This demonstrates the confidence that these top tier international investors have 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 (<a href="https://stock.us/stock/hk/01299">1299.HK</a>) 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 set for expansion with extension of Series A funding to US$23M and additional key investor

COVID-19 is a virus affecting countries all over the world and we know that your timelines are filled with information on ways to avoid spreading or catching the virus so we won’t repeat them but will advise that you follow the advice of medical and government authorities at this time.

Many countries have implemented different levels of ‘social distancing’ measures and strict priority rules for masks, ventilators, tests and other essential materials that are in limited supply. And these are having very different impact.

Here we take a look at the key differences in mortality rates and the key factors that require most of our attention.

### Mortality rate varies in every country

The mortality rate is a direct result of several factors including the efficiency of the national care system, the spread of the virus over time among the population, the distribution of the population demographic (age-group) and the distribution of pre-existing conditions among each age-group.

Today’s mortality rates are around 4% for China, 0.9% for South Korea, 6.8% in Italy and 2.4% in the US.

To give you an idea of the magnitude of these rates, looking at the US flu statistics, these mortality figures range between 12 to 24 times higher than the usual seasonal flu rates.

### Mortality rate is positively correlated with age

We looked at the mortality rate for COVID-19 in relation to age group to get better insights and found that the correlation between mortality and age is very strong for all the countries included. Fatalities appear to increase monotonically with age and most of the fatalities occur in the 60 years+ age-group.

<img src="/img/blog/Graph-Covid by Age.png" alt="Graph-Covid by Age" className="img" />

### Mortality rate appears to be compounded by pre-existing conditions

In a recent study on the Italian COVID-19 cases, 99% of their fatalities had pre-existing conditions, with high blood pressure reported in 76% of the cases. The most prevalent pre existing conditions in the Italian fatalities are:

● Ischemic heart disease 33%

● Atrial fibrillation 24.5%

● Stroke 9.6%

● High blood pressure 76.1%

● Diabetes mellitus 35.5%

● Dementia .8%

● COPD 13.2%

● Active cancer in the past 5 years 20,3%

● Chronic liver disease 3.1%

● Chronic renal failure 18%

In China, the following pre-existing conditions were also identified as very high factors of vulnerability for individuals:

● Cardiovascular diseases

● Diabetes

● Chronic respiratory diseases

● Hypertension

● Cancer

### Why Qumata is gathering this type of data?

Qumata specialises in evaluating the risk to be diagnosed for hundreds of medical conditions and the mortality likelihood for most medical conditions. Our model is based on wearable trackers, mobile phone data and national health statistics.

We must understand who are the most vulnerable among us for COVID-19 to allow us to prioritise the resources needed to limit the virus’ impact.

Qumata is offering support for the community by tracking COVID-19’s fatality rates and factors so we have more information to help prevent further fatalities.

### What can you do to help?

If you would like to contribute to our efforts and have read the latest studies, reports and information on COVID-19, please contribute to our research by adding more sources and reports in the comments below so that we can keep up to date on this valuable information.

### Sources:

> 1. ● Fatality per country : Report from Mc Kinsey Covid 19 Update 16 of March. Case Fatality calculated as ( total deaths) / (total cases) – this rate is evolving and dependent upon several factors, including number of suspected cases that are tested. For the US, WHO data is lagging news reports for the US; In the US, CDC & WHO reports >1,600 cases; NYTimes reports >3,600 cases Source: WHO situation reports, US CDC, press search

> 2. ● Comparison with the flu. " Case fatality rates: COVID-19 vs. US seasonal flu ". https://ourworldindata.org/coronavirus

> 3. ● Fatality per age group : Report from Mc Kinsey Covid 19 Update 16 of March. For Italy: Data reported from China Feb 11 reports 2.3%, however latest deaths/cases from WHO indicates this may be higher. Source: l’institution Superiore. Di Sanità (ISS) Italy, WHO, Korea CDC, China CDC

> 4. ● Coronavirus: early-stage case fatality rates by underlying health condition in China " https://ourworldindata.org/coronavirus

COVID-19 is a virus affecting countries all over the world and we know that your timelines are filled with information on ways to avoid spreading or catching the virus so we won’t repeat them but will advise that you follow the advice of medical and government authorities at this time.
Many countries have implemented different levels of ‘social distancing’ measures and strict priority rules for masks, ventilators, tests and other essential materials that are in limited supply. And these are having very different impact.
Here we take a look at the key differences in mortality rates and the key factors that require most of our attention.
<h3>Mortality rate varies in every country</h3>
The mortality rate is a direct result of several factors including the efficiency of the national care system, the spread of the virus over time among the population, the distribution of the population demographic (age-group) and the distribution of pre-existing conditions among each age-group.
Today’s mortality rates are around 4% for China, 0.9% for South Korea, 6.8% in Italy and 2.4% in the US.
To give you an idea of the magnitude of these rates, looking at the US flu statistics, these mortality figures range between 12 to 24 times higher than the usual seasonal flu rates.
<h3>Mortality rate is positively correlated with age</h3>
We looked at the mortality rate for COVID-19 in relation to age group to get better insights and found that the correlation between mortality and age is very strong for all the countries included. Fatalities appear to increase monotonically with age and most of the fatalities occur in the 60 years+ age-group.
<h3>Mortality rate appears to be compounded by pre-existing conditions</h3>
In a recent study on the Italian COVID-19 cases, 99% of their fatalities had pre-existing conditions, with high blood pressure reported in 76% of the cases. The most prevalent pre existing conditions in the Italian fatalities are:
● Ischemic heart disease 33%
● Atrial fibrillation 24.5%
● Stroke 9.6%
● High blood pressure 76.1%
● Diabetes mellitus 35.5%
● Dementia .8%
● COPD 13.2%
● Active cancer in the past 5 years 20,3%
● Chronic liver disease 3.1%
● Chronic renal failure 18%
In China, the following pre-existing conditions were also identified as very high factors of vulnerability for individuals:
● Cardiovascular diseases
● Diabetes
● Chronic respiratory diseases
● Hypertension
● Cancer
<h3>Why Qumata is gathering this type of data?</h3>
Qumata specialises in evaluating the risk to be diagnosed for hundreds of medical conditions and the mortality likelihood for most medical conditions. Our model is based on wearable trackers, mobile phone data and national health statistics.
We must understand who are the most vulnerable among us for COVID-19 to allow us to prioritise the resources needed to limit the virus’ impact.
Qumata is offering support for the community by tracking COVID-19’s fatality rates and factors so we have more information to help prevent further fatalities.
<h3>What can you do to help?</h3>
If you would like to contribute to our efforts and have read the latest studies, reports and information on COVID-19, please contribute to our research by adding more sources and reports in the comments below so that we can keep up to date on this valuable information.
<h3>Sources:</h3>
<blockquote>
<ol>
<li>● Fatality per country : Report from Mc Kinsey Covid 19 Update 16 of March. Case Fatality calculated as ( total deaths) / (total cases) – this rate is evolving and dependent upon several factors, including number of suspected cases that are tested. For the US, WHO data is lagging news reports for the US; In the US, CDC &#x26; WHO reports >1,600 cases; NYTimes reports >3,600 cases Source: WHO situation reports, US CDC, press search</li>
</ol>
</blockquote>
<blockquote>
<ol start="2">
<li>● Comparison with the flu. " Case fatality rates: COVID-19 vs. US seasonal flu ". https://ourworldindata.org/coronavirus</li>
</ol>
</blockquote>
<blockquote>
<ol start="3">
<li>● Fatality per age group : Report from Mc Kinsey Covid 19 Update 16 of March. For Italy: Data reported from China Feb 11 reports 2.3%, however latest deaths/cases from WHO indicates this may be higher. Source: l’institution Superiore. Di Sanità (ISS) Italy, WHO, Korea CDC, China CDC</li>
</ol>
</blockquote>
<blockquote>
<ol start="4">
<li>● Coronavirus: early-stage case fatality rates by underlying health condition in China " https://ourworldindata.org/coronavirus</li>
</ol>
</blockquote>

COVID-19 Fatality Rate (30th March 2020)

The impact of the Covid-19 pandemic on how we live, work and interact will play out in years to come. However, naturally, the focus is on solving problems and seizing opportunities that arise in the short to medium term.

Executives in major companies are more focused on seizing emerging opportunities than ever before. Recently [McKenzie](https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/innovation-in-a-crisis-why-it-is-more-critical-than-ever#) published its survey on how innovation is more critical than ever. While a predominant majority agree with the criticality, very few feel confident facing these challenges:

<img src="/img/blog/McKinsey Stats - INnovating in a Crisis.png" alt="McKinsey Stats - INnovating in a Crisis" className="img" />

#### Age-old weaknesses exposed

Similar sentiments are prevalent with life and health insurers. For years carriers have known the key areas of weakness - [balancing diligent risk assessments with improving customer experience](https://www.healthyhealth.com/post/how-to-judge-risk-with-less-risk). SwissRe highlighting the [massive protection gap in the US](https://www.swissre.com/institute/research/topics-and-risk-dialogues/economy-and-insurance-outlook/Bridging-the-US-mortality-protection-gap.html) recommended focusing on (i) customer experience, (ii) behavioural economics and (iii) automated underwriting.

<img src="/img/blog/Three pillars.png" alt="Three pillars" className="img" />

Encapsulated within this is also the drive by insurance companies to redefine themselves from protectors to health partners. Engaging customers with health advice and rewarding healthy behaviours increase customer loyalty and reduce losses over the long-term.

#### Along came Covid-19

The pandemic transformed these priorities from strategic objectives to survival needs. When face-to-face meetings got suspended and medical exams could not be conducted, carriers rushed to alternative solutions. Most popular initiatives involved telescreening, EMRs and alternative data sources.

For a lot of the insurers it was the first time in decades that they contemplated changing medical underwriting approach and hence, predictably, a lot of these efforts did not have great results. However the negative inertia is reversed and newer iterations are making headway.

Similarly the importance of personal responsibility for individual and societal health makes it ever more imperative to engage and empower individuals. Incentive alignment between the insurer and the insured leads to win-win scenarios if value proposition design is customer-centric. Customer expectations have also caught up and now demand: ‘help me, help you’.

Our approach is based on individual behaviour and digital health data that removes the complexities, inconveniences and inconsistencies in health risk assessment.

#### Conclusion

A lot of us have been ruing missing out on opportunities resulting from changing lifestyles. I wish I had invested in: video conferencing, video streaming, gaming, hygiene products, (the right) pharma companies, protection insurance, sports gear and wearable technology. The list goes on and on.

The McKenzie survey shows that the urge is great and so is self-awareness. Socio-economic impacts will be transformative. There are many emerging opportunities backed by emerging technologies that will unlock markets and fuel future growth. Timing and execution will differentiate success but this time don’t expect the usual suspects to come up with all the answers alone.

The impact of the Covid-19 pandemic on how we live, work and interact will play out in years to come. However, naturally, the focus is on solving problems and seizing opportunities that arise in the short to medium term.
Executives in major companies are more focused on seizing emerging opportunities than ever before. Recently <a href="https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/innovation-in-a-crisis-why-it-is-more-critical-than-ever#">McKenzie</a> published its survey on how innovation is more critical than ever. While a predominant majority agree with the criticality, very few feel confident facing these challenges:
<h4>Age-old weaknesses exposed</h4>
Similar sentiments are prevalent with life and health insurers. For years carriers have known the key areas of weakness - <a href="https://www.healthyhealth.com/post/how-to-judge-risk-with-less-risk">balancing diligent risk assessments with improving customer experience</a>. SwissRe highlighting the <a href="https://www.swissre.com/institute/research/topics-and-risk-dialogues/economy-and-insurance-outlook/Bridging-the-US-mortality-protection-gap.html">massive protection gap in the US</a> recommended focusing on (i) customer experience, (ii) behavioural economics and (iii) automated underwriting.
Encapsulated within this is also the drive by insurance companies to redefine themselves from protectors to health partners. Engaging customers with health advice and rewarding healthy behaviours increase customer loyalty and reduce losses over the long-term.
<h4>Along came Covid-19</h4>
The pandemic transformed these priorities from strategic objectives to survival needs. When face-to-face meetings got suspended and medical exams could not be conducted, carriers rushed to alternative solutions. Most popular initiatives involved telescreening, EMRs and alternative data sources.
For a lot of the insurers it was the first time in decades that they contemplated changing medical underwriting approach and hence, predictably, a lot of these efforts did not have great results. However the negative inertia is reversed and newer iterations are making headway.
Similarly the importance of personal responsibility for individual and societal health makes it ever more imperative to engage and empower individuals. Incentive alignment between the insurer and the insured leads to win-win scenarios if value proposition design is customer-centric. Customer expectations have also caught up and now demand: ‘help me, help you’.
Our approach is based on individual behaviour and digital health data that removes the complexities, inconveniences and inconsistencies in health risk assessment.
<h4>Conclusion</h4>
A lot of us have been ruing missing out on opportunities resulting from changing lifestyles. I wish I had invested in: video conferencing, video streaming, gaming, hygiene products, (the right) pharma companies, protection insurance, sports gear and wearable technology. The list goes on and on.
The McKenzie survey shows that the urge is great and so is self-awareness. Socio-economic impacts will be transformative. There are many emerging opportunities backed by emerging technologies that will unlock markets and fuel future growth. Timing and execution will differentiate success but this time don’t expect the usual suspects to come up with all the answers alone.

Innovating for Survival - Life and Health Insurance


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!

You can download the full article from below link: [download the full article](/pdf/QumataxSCOR-InsurTech100.pdf)


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 &#x26; 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 &#x26; 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 &#x26; 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!
You can download the full article from below link: <a href="/pdf/QumataxSCOR-InsurTech100.pdf">download the full article</a>