Quantemplate, a cloud-based automated data solution, has scored over $12m in a new funding round led by Route Sixty-Six Ventures, and Transamerica Ventures.
Other contributions to the round Anthemis Group, Allianz X, and Insight Catastrophe Group.
Having closed the round, the InsurTech is looking to increase market growth within key verticals and quicken the development of its product offerings. It will also be used to expand its global sales and marketing efforts.
In addition to the funding, the company has revealed the general availability of its platform to the data-driven (re)insurance sectors after strong demand for the platform in the US and Europe.
The company offers a cloud-based platform to give (re)insurers “intuitive” access to critical data to improve decision making, enable growth, identify new market opportunities, and reduce costs. Through machine learning technology it automatically handles data ingestion, preparation and validation to create real-time access to democratized data.
The company helps to remove issues caused by siloed data sources which bring incomplete images, which cause laborious work and often cause errors.
Route Sixty-Six Ventures partner Dan Dall’Asta said, “The InsurTech industry has been of particular interest to us over the last several years, due in large part to the growth and demand for solutions capable of handling data from new risk sources and categories, however, innovation in the industry has focused primarily on consumer acquisition and new insurance products. Quantemplate represents one of the few emerging companies focused on innovating the back end and provide a technology that is easily deployed and benefits the customer almost immediately.
“The Quantemplate solution is turning the data that (re)insurance companies already have into actionable insights around risk, market views and modeling, making it possible to get through more business, make better pricing decisions and reduce costs using real-time data.”
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