Qumata (fka HealthyHealth Group), a London, UK-based life and health insurance underwriting tech company, closed a $10m Series A financing.
The round was led by MMC Ventures with participation from AdirVentures and a number of other family offices, as well as existing investors including TMT Investments PLC.
The company intends to use the funds to accelerate global expansion of the current offering, after launching the product commercially with multiple large, listed insurers in Europe, Asia Pacific, the UK and North America.
Led by Luca Schnettler, CEO, Qumata is a building a Life and Health Insurance Underwriting company that uses digital data (about individual health and wellbeing through mobile devices and wearables) to calculate the risk of diagnosis for over 800 conditions, along with Extra Mortalities and Morbidities, saving applicants hours filling out long questionnaires or visiting the doctor.
The company’s API solution is integrated by insurance companies across multiple distribution channels, ranging from tied agents to independent intermediaries and online channels. This solution allows life and health insurance applicants to share their digital health data instead of having to complete time-consuming questionnaires or invasive medical exams. Once consent is provided by the applicant, their data is analysed to predict applicants’ risk of developing medical conditions classified among hundreds, and to assess ‘extra-mortality’ and ‘extra-morbidity’ risks typically rated by insurers to derive their commercial premiums.
Current board members Luca Schnettler, Etienne Bourdon, Qumata COO and Richard di Benedetto, President at Aetna International, are now joined by Oliver Richards, Partner at MMC Ventures and Barry Karfunkel, previously CEO at Nasdaq-listed National General Insurance and after its $4bn sale to Allstate, and now Founder of AdirVentures.