Qantev, an Artificial Intelligence (AI) InsurTech for health insurers based in Paris, has raised €10m in its Series A funding round.
Omnes and RAISE Ventures led the round, with continued support from Elaia with the PSL (Paris Sciences & Lettres) Innovation Fund.
Co-founded by Tarik Dadi (CEO) and Hadrien De March (CTO) in 2019, Qantev has built an AI-based data analytics solution designed to improve health insurers’ operations. This includes health data management, automation triage and resolution of simple claims, as well as overall enablement of better and more informed decision making.
In the last 12 months, Qantev has deployed its solution across a number of markets in Europe, Asia and North America.
According to Qantev, the funds will be used to fuel the company’s continued global market expansion and grow its AI & Engineering team to enhance its health claims platform for insurers.
Qantev said health is the fastest growing business line for insurers globally. The sector faces incredibly complex challenges due to an increase of utilisation driven by ageing population, sedentary lifestyle, and medical inflation.
This is also giving rise to claims leakage issues, the health InsurTech added, caused by the improper management and a lack of standardisation of data.
According to IBM, last year, claims leakage was the number one concern for non-life insurers, with inefficient claims processes costing insurers more than $30bn per year. By reducing claims leakage, insurers can save 5% to 10% of their claims’ costs, saving millions of dollars.
Tarik Dadi said, “Qantev’s momentum is growing and I am pleased to see our business going from strength to strength. This latest financing round will enable us to accelerate deployment to satisfy our customers’ data transformation needs, delivering results in a matter of weeks, and to fuel our desire to develop the most advanced software and AI algorithms to turbocharge health insurance – we’re aiming to achieve this by building a team with the most talented engineers and researchers.
“We also have plans to expand our business in Asia and North America with the hiring of dedicated regional managers and local office openings, which will help us to closely support our clients and partners.”
India-based InsurTech company HealthySure recently raised $1.2m in its pre-Series A funding round.
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