AI-powered claims management insurtech for health and life insurers Qantev has raised €30 mn in new funding led by Blossom Capital to enhance its platform by accelerating R&D and add advanced AI modules, recruit top talent, and accelerate global expansion particularly in Asia Pacific and North America.
The company aims to further optimize claims processing, improve decision-making, and cut operational costs for insurers.
In November 2019, Qantev raises €1.5 mn with Elaia Partners to grow their team and deliver its first solution on the international markets, and October 2022 startup has sequred €10 mn fundraising with Omnes Capital, RAISE Ventures, and the participation of Elaia, in Serie A.
The new capital will help Qantev speed up its global expansion, enhance its platform with advanced AI features, and attract leading AI and engineering talent.
Currently, Qantev supports claims processes for clients in 12 countries, including the US, Mexico, and various regions across Asia.
The company has teams in Paris, Hong Kong, and the UK, and has more than doubled its workforce in the past year. With this latest funding, Qantev’s total raised capital surpasses €40 mn.
Qantev’s AI-driven software automates tasks and uses data analytics to help insurers lower costs, improve efficiency, and boost patient outcomes. The company addresses key challenges in the insurance sector, such as rising costs, chronic illnesses, and aging populations.
Reports show Qantev’s solutions are already helping major insurers like AXA, Generali, and FWD. The platform can automate claims in minutes, significantly reducing inefficiencies.
Increased costs, post-COVID backlogs, chronic diseases, aging populations, and higher demand mean insurers can’t keep up with paperwork. Qantev’s growth in the past year reflects the team’s efforts to solve these problems and the clear need for a solution like ours.
Tarik Dadi, CEO and co-founder of Qantev
He added, “Having worked in global health insurance, I’ve experienced the pain points firsthand. We’re using decades of experience to make claims more efficient and accurate. With Blossom Capital joining our esteemed investors, we’re excited to keep expanding and innovating.”
Qantev’s focus on the health and life insurance market, combined with its expertise in AI, insurance, and data analytics, positions it well to solve growing challenges in healthcare (see 6 Top Insurance Claims Management Software Platforms).
Insurers need technology that can tackle their issues while scaling with their ambitions, and that’s exactly what Qantev delivers.
by Peter Sonner
