Quantemplate, a startup providing self-service, cloud-based automated data solutions for insurers and reinsurers, today revealed that it raised over $12 million in a recent funding round led by Route 66 Ventures and Transamerica Ventures, with participation from Anthemis Group, Allianz X, and Insight Catastrophe Group. The raise brings the New York- and London-based company’s total raised to over $25 million, which CEO David Lundgren said will fuel R&D and customer acquisition as Quantemplate grows its global sales and marketing teams.
Coinciding with the fresh funding, Quantemplate also announced the general availability of its platform.
“With this recently secured round of funding, Quantemplate is primed and ready to present our proven technology to the [insurance and reinsurance] industry. We are eager to provide the unique tools and insights customers need to make business processes more efficient, while at the same time appreciating a more comprehensive assessment of risk,” said Lundgren. “Through the Quantemplate platform, we are taking what was once a complex process, simplifying and democratizing the data so that customers can adapt to the increasingly data-driven market.”
Quantemplate was founded in 2013 by Adrian Rands and Marek Nelken, and it chiefly develops integration and analysis tools that tap machine learning to derive insights from large data sets. The tools connect, filter, union, clean, and bring together hundreds of corpora using a combination of machine learning-informed smart mapping suggestions and on-the-fly calculations. They validate this corpora with customizable data quality rules, and furthermore, they enable customers to export and share the final result complete with text annotations, headings, and company logos and images.
Quantemplate’s platform queries across multiple data sets and integrates third-party feeds into a single report, facilitating whole-organization data prep choices via a visual drag-and-drop interface. Each manual adjustment feeds back into the machine learning algorithms that supply data mapping suggestions, and if they meet or exceed a defined confidence threshold, they trigger the application of the suggested mappings automatically.
Quantemplate says that roughly 20 large and mid-sized customers are already licensing its platform, including Aegon Blue Square Re N.V., XL Insurance, SageSure, Chubb, and RenaissanceRe.
“The insurtech industry has been of particular interest to us over the last several years, due in large part to the growth and demand for solutions capable of handling data from new risk sources and categories; however, innovation in the industry has focused primarily on consumer acquisition and new insurance products. Quantemplate represents one of the few emerging companies focused on innovating the back-end and provide a technology that is easily deployed and benefits the customer almost immediately,” said Route 66 Ventures partner Dan Dall’Asta. “The Quantemplate solution is turning the data that [insurance and reinsurance] companies already have into actionable insights around risk, market views and modeling, making it possible to get through more business, make better pricing decisions and reduce costs using real-time data.”
Insurance industries are increasingly turning to AI to improve claims efficiency, underwriting capacity, and enterprise and legacy data transformation. In fact, Juniper Research anticipates that AI-underwritten insurance premiums will climb from $1.3 billion this year globally to $20 billion by 2024. Among the startups making waves are Haven Life, which taps AI to underwrite life insurance for noncitizens and people with chronic illnesses, and Clearcover, which earlier this year raised $43 million to more effectively market auto insurance. Flyreel attracted $3.85 million in funding from Google’s Gradient Ventures in April for its property insurance underwriting solutions, and in August, GV led a $60 million investment in data-driven life insurance company Ethos.