HealthyHealth closes $10m Series A funding round led by MMC Ventures and announces renaming to Qumata
Investment will be focused on driving international growth and accelerating product development, to capitalise on growing market demand
2 June 2021, London - Qumata Group, a company focused on transforming the life and health insurance underwriting journey through digital data, has announced the closing of a $10m series A financing round, led by MMC Ventures. Joining MMC Ventures are AdirVentures and a number of other family offices, as well as existing investors including TMT Investments PLC.
The new funding will help accelerate global expansion of the current offering, after launching the product commercially with multiple large, listed insurers in Europe, Asia Pacific, the UK and North America. As part of this growth journey, the business is also transitioning to a new brand, Qumata.
Qumata is well positioned to become the market standard in the underwriting field. With increasing levels of data available about individual health and wellbeing through mobile devices and wearables, there is a rich universe of insight that insurers can gain on the lifestyle and health of applicants, enabling the latter an easier and more convenient buying process.
Qumata’s API solution is integrated by insurance companies across multiple distribution channels, ranging from tied agents to independent intermediaries and online channels. This unique solution allows life and health insurance applicants to share their digital health data instead of having to complete time-consuming questionnaires or invasive medical exams. Once consent is provided by the applicant, their data is analysed to predict applicants’ risk of developing medical conditions classified among hundreds, and to assess ‘extra-mortality’ and ‘extra-morbidity’ risks typically rated by insurers to derive their commercial premiums. This simple, innovative API solution can replace traditional questionnaires, with demonstrated advantages for insurers, which can experience higher conversion rates, more accurate risk selection as well as cheaper and automated underwriting.
The underwriting landscape for life and health is rapidly changing, with consumers expecting a more seamless and less intrusive approach. McKinsey’s recent report ‘Digital disruption in insurance: Cutting through the noise’, underlines the importance of insurance companies investing in digital technologies to optimise customer experience.
“Insurers are increasingly embracing digital innovation, but there is still significant opportunity for further optimisation, particularly in the underwriting process. Our customers are already seeing significant benefits in using our technology to transform the traditional underwriting journey, and benefiting from higher conversion rates and improved underwriting outcomes,” comments Luca Schnettler, Group CEO at Qumata, “We are also excited to announce our new brand. Since our founding in 2017, the business has evolved and built a strong presence in the insurance world. As Qumata, we are enabling insurers to unlock the wealth of human data in mobile devices and wearables - safely, securely and with full customer consent.”
“Qumata is well placed to bring much needed transformation to traditional life and health insurance underwriting, with a genuinely innovative data science led solution that is unique in the market.” adds Oliver Richards, Partner at MMC Ventures, “With a proven technology platform, a strong leadership team in place and ambitious plans for international growth, we are delighted to be part of this exciting journey.”
Current board members Luca Schnettler, Etienne Bourdon, Qumata COO and Richard di Benedetto, President at Aetna International, are now joined by Oliver Richards, Partner at MMC Ventures and Barry Karfunkel, previously CEO at Nasdaq-listed National General Insurance and after its $4bn sale to Allstate, and now Founder of AdirVentures.
About Qumata: We are building a new Standard for Life and Health Insurance Underwriting. We use 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. For more information, visit www.qumata.com.
Media Enquiries: Stuart Hobbs Head of Marketing, Qumata E: firstname.lastname@example.org