Quotech, the underwriter-led InsurTech that creates practical systems for specialty insurers, brokers, and MGAs, has raised £1m in a funding round.
The funding came from a number of angel investors and Convex Group Limited, the international specialty insurer and reinsurer.
Quotech was founded by Guillaume Bonnissent, an experienced London underwriter as well as programmer.
The company aims to remove data complexity by building systems that ingest data from multiple sources, pull out what’s helpful and store it in a unique Corporate Data Treasury.
This, Quotech said, provides a single source of truth, then make it easily accessible to underwriters, brokers, and others through intuitive, practical, embedded, connected tools that support pricing, distribution, administration, claims, and trading.
Additionally, through the investment, Convex has acquired a strategic 7.7% share in Quotech, whose clients include major risk carriers, brokers, and MGAs active in the London and international re/insurance markets.
Quotech said the capital will be used to increase staff levels and provide additional resources to support the creation of custom-built technology platforms for underwriters and distributors in the global commercial and wholesale insurance sector.
Bonnissent said, “This funding will enable Quotech to move to the next level of success by increasing our reach and extending our capacity, allowing us to provide a larger number of underwriting and broking firms with truly useful technology…
“I gave up underwriting and returned to programming because I was frustrated by the low levels of utility delivered by the systems that had been built for the London-market companies I had worked for. Every platform we create at Quotech is designed to improve efficiency by eliminating those frustrations.”
Coterie Insurance, the partner-focused company transforming small business insurance, recently launched a solution that leverages automated underwriting to save agents and brokers’ time.
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