Qantev – which is one the most advanced AI-based platform transforming how health and life insurers manage claims, reduce costs and improve services – announced it has raised $33 million in a new funding round led by Blossom Capital, with participation from existing investors Elaia, Omnes and Raise Venture.
With this funding round, Qantev plans to focus on three key areas:
1.) Enhancing the platform – Qantev will advance its R&D efforts to expand its platform, adding advanced AI modules that further optimize claims processing and decision-making. The company will invest in cutting-edge technology to help insurers reduce operational costs and improve patient outcomes.
2.) Recruiting top talent – To maintain its leadership in the industry, Qantev will recruit top-tier AI and engineering talent globally, with a focus on building an exceptional team to drive its technology vision forward.
3.) Global expansion – As part of its growth, Qantev will expand its footprint in key international markets, particularly in North America and Asia. This expansion will allow the company to tap into new customer segments and tailor its offerings to the specific needs of insurers in these regions.
Launched in 2019 by former AXA lead data scientist, CEO Tarik Dadi and ex-quantitative analyst and CTO Hadrien De March, Qantev’s AI-based software brings automation and efficiency to an industry facing rising costs, chronic disease and ageing populations.
Global medical costs are expected to see notable increases by the end of the year and many insurers are concerned these costs will rise further by 2027. At the same time, the demand for health insurance, driven by aging populations, COVID backlogs, and a decline in public healthcare funding and an increase in the purchasing power of emerging countries has been surging.
Qantev’s suite of AI-based solutions solves these challenges for customers, including AXA, Generali, and FWD, by automating my claims process from days to minutes. This platform utilizes historical claims data to understand patient journeys and behaviors in individual markets before helping insurers across these regions make faster, more accurate decisions.
In this way, Qantev is embedding complex, AI-based software into insurance companies’ business-critical operations, effectively reproducing the expertise medical professionals bring to assessing health claims.
Qantev now powers the claims processes of customers in 12 countries, from the US to Mexico, Asia, and beyond. The company has teams in Paris, Hong Kong, and the UK and has more than doubled its headcount over the past 12 months. This latest funding round takes the total raised by the firm to over €40 million.
KEY QUOTES:
“A perfect storm of increased costs, post-COVID backlogs, chronic diseases, an ageing population, and increased demand means healthcare insurers can no longer keep up with paperwork. The growth we have seen at Qantev over the past 12 months is not only a testament to the work our team has done in solving these challenges but also the need for a solution like ours. As an operator in the global health insurance sector, I witnessed and experienced the pain points our customers are feeling and we’re using decades of experience to make claims more efficient, accurate and beneficial for all. With Blossom Capital joining our already esteemed cap table of investors, we’re excited to continue expanding our global footprint and keep innovating.”
-Tarik Dadi, CEO and co-founder of Qantev
“Qantev’s laser focus on the soaring health and life insurance market, combined with its deep expertise in AI, insurance, and data analytics makes it best placed to solve the very real, and rising problems being seen across the healthcare industry. Insurers are crying out for technology that can both address the challenges they face and scale in line with their own ambitions. This is exactly what Qantev provides.”
-Ophelia Brown, Founder at Blossom Capital
