Qantev, an AI-powered well being and life insurance coverage claims platform, has raised €30m ($32.8m) in a funding spherical led by Blossom Capital.
The funding spherical, which additionally noticed contributions from present traders Elaia, Omnes and RAISE Enterprise, brings Qantev’s whole capital raised to greater than €40m.
France-based Qantev, based in 2019 by former AXA lead information scientist and CEO Tarik Dadi, together with CTO Hadrien De March, a former quantitative analyst, goals to handle the challenges of rising medical prices and growing demand for medical health insurance.
With projections indicating world medical prices might rise by 9.9% by the top of the yr, and 58% of insurers involved about additional will increase by 2027, Qantev’s AI-driven software program seeks to offer a well timed answer.
The platform automates the claims course of, claiming to cut back the time from days to minutes, and serves main insurers reminiscent of AXA, Generali and FWD.
Qantev’s expertise utilises historic claims information to know affected person journeys and behaviours, aiding insurers in making sooner and extra correct choices.
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This permits medical professionals to focus on affected person care with out the interruption of administrative duties.
The platform additionally identifies workflow inefficiencies, probably saving as much as €8m yearly in operational prices for insurers.
With the recent capital, Qantev plans to reinforce its platform, recruit high AI and engineering expertise, and pursue world growth.
The corporate goals to speed up analysis and growth, including superior AI modules to additional optimise claims processing and decision-making.
Qantev’s world growth technique features a concentrate on North America and Asia, the place it seeks to faucet into new buyer segments and tailor its choices to regional insurers’ wants.
At the moment, Qantev powers the claims processes of consumers in 12 international locations, with groups in Paris, Hong Kong and the UK.
Over the previous yr, the corporate has greater than doubled its headcount.
Dadi mentioned: “An ideal storm of elevated prices, post-Covid backlogs, power illnesses, an ageing inhabitants and elevated demand means healthcare insurers can now not sustain with paperwork.
“As an operator within the world medical health insurance sector, I witnessed and skilled the ache factors our clients are feeling and we’re utilizing many years of expertise to make claims extra environment friendly, correct and useful for all.”
Blossom Capital founder Ophelia Brown mentioned: “Qantev’s laser concentrate on the hovering well being and life insurance coverage market, mixed with its deep experience in AI, insurance coverage and information analytics, makes it greatest positioned to resolve the very actual and rising issues being seen throughout the healthcare trade.
“Insurers are crying out for expertise that may each deal with the challenges they face and scale according to their very own ambitions. That is precisely what Qantev offers.”
