HealthyHealth Group, which claims to transform the life and health insurance underwriting journey, has collected $10m in its Series A funding round.
MMC Ventures served as the lead investor, with commitments also coming from AdirVentures and a number of unnamed family offices. Several existing HealthyHealth backers also joined the round, including TMT Investments.
Capital from the round will help the InsurTech accelerate its global expansion. The company recently launched its product commercially with multiple large, listed insurers in Europe, Asia Pacific, the UK and North America.
As part of its growth efforts, the company is moving to a new brand, Qumata.
Founded in 2017, the company’s API solution can integrate with insurance companies across multiple distribution channels, ranging from tied agents to independent intermediaries and online channels. Its services enable life and health insurance applicants to share their digital health data, opposed to completing questionnaires and medical exams.
Once consent is provided, their data is analysed to predict an applicant’s risk of developing medical conditions classified among hundreds to assess ‘extra-mortality’ and ‘extra-morbidity’ risks typically rated by insurers to derive their commercial premiums.
The company believes the Qumata platform is well positioned to be the market standard in underwriting.
Qumata group CEO Luca Schnettler said, “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.”
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